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Philippine economic development, looking backwards and forward: An interpretative essay

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  • Hal Hill

Abstract

Over the past decade, the Philippine development story has attracted international attention as it transformed from being the “Sick Man of Asia” to “Asia’s Rising Tiger”. However, the country’s strong growth momentum was abruptly interrupted by the COVID-19 pandemic, which continues to cast a huge shadow over its development outlook. With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country’s three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early 1990s, and (c) the period from the early 1990s to the 2019 when it rejoined the dynamic East Asian mainstream. Through comparative analysis, the paper also seeks to understand the country’s development dynamics and political economy. We conclude by highlighting elements of a recovery and reform agenda in the post-pandemic era.

Suggested Citation

  • Hal Hill, 2021. "Philippine economic development, looking backwards and forward: An interpretative essay," Departmental Working Papers 2021-24, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2021-24
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    File URL: https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2021-10/acde_td_hill_et_al_2021_24.pdf
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    References listed on IDEAS

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    1. Robert E. Baldwin, 1975. "Appendices to "Foreign Trade Regimes and Economic Development: Philippines"," NBER Chapters, in: Foreign Trade Regimes and Economic Development: The Philippines, pages 157-160, National Bureau of Economic Research, Inc.
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    6. Remolona, Eli M. & Mangahas, Mahar & Pante, Filologo Jr., 1986. "Foreign debt, balance of payments, and the economic crisis of the Philippines in 1983-1984," World Development, Elsevier, vol. 14(8), pages 993-1018, August.
    7. Gerardo P. Sicat, 1999. "The Philippine Economy in the Asian Crisis," UP School of Economics Discussion Papers 199902, University of the Philippines School of Economics.
    8. Prema-chandra Athukorala, 2021. "The Philippines in global manufacturing value chains: A tale of arrested growth," Departmental Working Papers 2021-22, The Australian National University, Arndt-Corden Department of Economics.
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    Cited by:

    1. Balisacan, Arsenio M. & dela Cruz, Russel Matthew M., 2021. "When a Pandemic Strikes: Balancing Health and Economy toward Sustainable and Inclusive Recovery," MPRA Paper 111259, University Library of Munich, Germany.

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    More about this item

    Keywords

    Philippines; economic development; economic history; political economy; institutions; COVID-19; ASEAN; comparative analysis.;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • I0 - Health, Education, and Welfare - - General
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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