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In
spite of reform policies that generally
have conformed to worldwide norms of trade
liberalization and deregulation, Philippine
economic performance over the last 20
years has been an outlier in East Asia.
Market-oriented economic reforms are incomplete,
as they are in many other countries, but
the Philippines’ poor economic performance
is mostly a result of macroeconomic instability
and low domestic savings, not inadequate
reforms.
August 22, 2002.
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