Duterte’s Midterm: Change for the worse
Duterte’s Midterm: Change for the worse
Pres. Duterte
(IBON 2019 Midyear Birdtalk Briefing Paper economic situation highlights)
The country’s slowing economy, and worsening jobs crisis and poverty disputes the Duterte administration’s hype of economic gains. IBON said that this is bound to worsen if the Duterte administration continues unopposed on its current neoliberal trajectory wherein the interests of big foreign and local business prevail to the detriment of millions of Filipinos, especially the poor.
Economic growth slowing since the start of the administration.Philippine Statistics Authority (PSA) data show that gross domestic product (GDP) growth has been slowing in the 11 quarters since the start of the Duterte administration from 7.1% in the third quarter of 2016 to 5.6% in the first quarter of 2019. There was a momentary increase to 7.2% in the third quarter of 2017 but growth fell rapidly after this. Notably, growth was slowing even before the budget impasse and election ban on infrastructure spending.
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