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Asia~s Underachiever: Deep Constraints In Philippine Economic Growth

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Executive Summary

Numerous studies have tried to explain the poor growth performance of the Philippines. This paper critically reviews related literature on constraints to long-run growth, as it applies to the Philippines. The authors evaluate several factors, namely: culture; corruption; and institutions. The last offers the most convincing explanation for mediocre growth. Hence, to raise the country's growth trajectory, the author recommends: sustained policy reform; less hand-wringing over Filipino culture and corruption; and above all, focused and sustained development of functional capitalistic institutions.

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