Latest growth figures confirm economy in decline under Marcos Jr

August 10, 2023

by IBON Foundation

Growth slowing for three straight quarters confirms economic decline under the Marcos Jr administration. Gross domestic product (GDP) has consistently slowed from 7.7% in the third quarter to 7.1% in the fourth quarter of 2022, 6.4% in the first quarter of 2023 and 4.3% in the second quarter. Agriculture and Filipino industry are both in decline.

The latest growth figures come after recent reports of self-rated poverty increasing and household savings falling in the first year of the new administration. Labor force survey results yesterday also showed worsening disguised joblessness with growing self-employment and informality. Real wages and family earnings are clearly falling.

The economic managers have lost their last indicator for claiming good economic performance and the economy is clearly losing momentum. The rebound from the economy opening up is over and real recovery is nowhere in sight as long as the same old economic thinking persists. Real fiscal stimulus and boosting local agriculture and industry are needed to push genuinely inclusive growth. ###