The global post-war economic expansion period was losing steam about the same time as Ferdinand Marcos began his first term as president. Know more:
The global post-war economic expansion period was losing steam about the same time as Ferdinand Marcos began his first term as president. By the time his second term began in 1969, the world was in a far different economic place with even more dramatic changes coming.
Former Time magazine correspondent Sandra Burton, noted for her coverage of the Philippines, described the situation in her 1989 book “Impossible Dream: The Marcoses, the Aquinos, and the Unfinished Revolution.” She wrote that Marcos’ first term had been relatively successful, marked by industrialization and infrastructure development. But then Marcos pursued a $50 million spending spree on infrastructure projects.
For 30 years, the Philippine economy never came close to reaching its potential and often was justifiably a “Third-World Basket Case.” A nation cannot achieve prosperity when the government drains the economic blood by competing with the private sector—which actually creates jobs and wealth —because of carrying too much debt.
In 2002, the government budget deficit was 5.3 percent of the nation’s GDP. In 2004 the government debt-to-GDP percentage was 71 percent. By 2007, the budget deficit was 0.1 percent and debt-to-GDP came down to 51 percent.
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