Duterte’s Philippines Considered World’s 10th Fastest Growing Economy In 2017; Low Inflation & Low Debt Seen As Factors

By Carie P. | Jun 21, 2017 03:40 PM EDT

Despite the presence of terrorist attacks and threat as well as reported massive extrajudicial killings, Philippines still sees hope in its economy. It was just reported that Duterte's Philippines was considered as the world's 10th fastest growing economy in the year 2017.

As the Philippines is doing good in terms of its economy, President Rodrigo Duterte is currently having a hard time seeking for ways in battling IS-backed Maute group in Marawi City. It can be recalled that the commander-in-chief of the said country declared martial law in the whole region of Mindanao since the start of the clash.

Despite the crisis, Forbes claimed that Philippines is showing its vibrant economy. In fact the World Bank just recognized the country's current economy as the world's 10th fastest growing economy in the world this year. Reports were rife that the credits should be given to the stable macroeconomic status of the country most especially on its low inflation.

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Apart from that, Duterte's Philippines also maintained low debt to GDP ratio which also paved the way for a sustainable domestic demand growth. It was reported that the GP Annual Growth Rate in the country averaged 3.68 percent from the year 1982 to this year.

Moreover, it was also claimed that the Philippines' economy is expected to escalate between 6.5 o 7.5 percent which is twice the country's long-term growth. Apart from this, the rate of exports from the country increased 12.1 percent compared to last month.

The growth in the country's economy was not affected by President Duterte's strict domestic policies as well as his foreign policies. But there were reports circulating that the government of the current president is getting corrupt and less competitive. Because of this, some were apprehensive as to whether this economic growth will be sustained in the future.

More Filipinos hoped that this economic growth will be the start to a sustainable economy in the future despite the current crisis in the southern part of the Philippines. Furthermore, there is a need for President Duterte to focus more on the economic aspect of his government and less now on drug war.

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