Japan’s 3rd and South Korea’s 10th Global Domestic Product (GDP) ratings are secure for now. Their economic miracles in the latter part of the 20th Century were achieved through hard work of their people, opportunity afforded by free enterprise, entrepreneurial savvy of their business communities, and support of their democratic governments. Those are the exact same four pillars that are making the Philippines the nation which is going to stun the world in the next twenty years.
Coming out of COVID, when its economy shrank by 9.5 percent, the Philippines recently achieved the world’s 36th largest GDP with the nation still on the rise. With the exception of the Covid years, the economic growth rate has averaged six to seven percent since 2010. Advances in communications, technology, and transportation are allowing the Philippines to overcome past difficulties.
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