there is tremendous amount of shallowness to the economic growth of recent years. A simplistic, quantitative overview of the Philippines' macroeconomic health tends to come at the expense of a qualitative assessment of the living standards of ordinary Filipinos.
As growth rises above 1 or 2 percent, the number of complainants about inequality also rises. That there is "high social cost" to growth.
Another commented that some of those people who do not work but can smoke and drink everyday is supported by other people who give them coins, people who work contract is only for five months and re-hired again, or those who work abroad.This means that growth is bad because people who have work can give money for smoking and drinking of people who do not want to work.
There are whiners everywhere. Whether the economy grows at only 0.6 percent or 6 or 10 percent, some people will simply complain. The only thing that can placate them is forced equality in society, if there is socialism.
That is one problem of modern capitalism. It is becoming more and more efficient, more surplus-producing, that even people who do not want to work; people whose work is to produce more prohibitions, regulations and taxation; and people whose work is for the demise of capitalism, are sustained and supported, directly or indirectly.
Fat-Free Econ 11: GDP Growth and Private Sector Role, June 02, 2012
Fat-Free Econ 34: Rise in Unemployment Rate Not Exactly Bad, December 20, 2012
Fat Free Econ 43: On the Philippines' Fast Economic Growth, June 04, 2013
Fat Free Econ 49: Growth Amid Storms, December 03, 2013
Tax Cut 18: On 10% Flat Tax, Greco Belgica and GDP Growth, March 27, 2014