THE Arroyo administration's much-touted
"highest economic growth" is "among the most inequitable"
in the region, according to a new report of the Asian
Development Bank which also said government corruption
continues to hamper development in the country.
In an 83-page study "Philippines:
Critical Development Constraints," the ADB downplayed
Malacañang's declarations of an economic take-off, saying
that "while growth has picked up in recent years, with the
economy in 2007 posting its highest growth of 7.3 percent
in the last three decades, both public and private
investment remain sluggish and their share in gross
domestic product has continued to decline, raising the
question of whether the current economic momentum can be
sustained."
"In per capita terms, the growth was
even less favorable," said the ADB, pointing out from
1961-2006, "per capita gross GDP grew 1.4 percent annually
compared with 3.6 percent in Indonesia, 3.9 percent in
Malaysia, and 4.5 percent in Thailand."
