Decade of 7% PH Growth: It’s Just A Fantasy
Decade of 7% PH Growth: It’s Just A Fantasy
By Sonny Africa
In a speech before leaders of the Association of Southeast Asian Nations (ASEAN) in Bali, Indonesia, Pres. Rodrigo Duterte said that the country is on an “upward trajectory of growth”. He was echoing the country’s economic managers who were recently touting a recovery of Philippine economic growth to the 7-8% target next year. They claimed that this will be sustained at 7% for a decade on the back of the Build, Build, Build (BBB) infrastructure program.
Reacting to Pres. Duterte’s speech, the indefatigable revolutionary Jose Ma. Sison called it first with a Facebook post: “Duterte delivers fantasy speech about the Philippine economy in Bali.” The decade of 7% growth will not happen because the economy remains vulnerable amid an increasingly unfavorable global economic situation. Difficult, not better, times are ahead.
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