Growth Rate For Economy Isn't All That Accurate To Measure Economic Performance
Here's a table that may show two kinds of students in the Philippines or just around the world. Now let's look at the growth rate of the two students. The first is the good student and the second is the bad student. If you ignore the results of the first exam and the second exam, you will think the second Pinoy is the outstanding student. But what if you decide to think about going beyond growth rate, there is something you need to understand. The fact that a lot of Filipinos really lack knowledge in basic economics leads to them being misled by the "growth rate phenomenon".
When many people say that the President Nobita administration has a high growth rate in spite of problems like economic overprotectionism with unjustifiable tax rates. With a hypothetical statistics, let's think of comparing growth rate of the Philippines vs. Taiwan. Let's say that the growth rate of the Philippines is 10% higher than Taiwan. But in terms of net domestic profit, Taiwan has better performance this year and slightly lower last year. What if the Philippines was just increasing 10% yet even after the 10% increase the performance was not all that good compared to Taiwan?
It's really time to get actual numbers and figures and not just the growth rates. Statistics is never complete with all the numerical data present. If we just have the growth rate without actual solid numbers, how are we going to determine which economy really performed better? Maybe the one with the higher growth rate turned out to be the worst place for investment. It's time to demand transparency and actual data not just the growth rate.