![[ANALYSIS] Why did we experience our worst economic crisis in the 1980s?](https://i.headtopics.com/images/2023/6/19/rapplerdotcom/analysis-why-did-we-experience-our-worst-economic--analysis-why-did-we-experience-our-worst-economic--1670731158726881280.webp)
'Ninoy’s death should not be discussed in isolation. Rather, it must be part of a broader conversation about the multiple failures, kamalasans, and injustices that led to the worst economic crisis of our independent republic.' ThoughtLeaders
Discussions of the economic legacy of the first Marcos regime hinge on the question: what happened to us in the 1980s? This became clear to me after reading JC Punongbayan’srebuttal of a recent lecture by Marcos’s chief planning minister, Gerardo Sicat, who claimed that the downturn of the 1980s — our worst economic downturn as an independent republic — could have been averted if not for the assassination of Ninoy Aquino. Sicat called it the “Ninoy shock.
Digging up what happened in the 1980s is not too difficult. Standard economic histories tell us that this was the decade of the third world debt crisis. Because of high inflation in the US, the US Fed raised interest rates . Since many of the loans that the developing world had acquired in the 1970s were denominated in US dollars, their debt repayments increased, and they went into crisis.
Figure 1 is a comparison of real GDP growth rates per capita of selected Southeast Asian and Latin American countries. I’ve also included aggregates for the world and the relevant regions. JC was correct to call Sicat out for only looking at GPD and not per person GDP. The data I’ve used is per person and real .
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