Economic debacle and PM Virata’s humility MBOpinions READ:
Ever so humble, PM Virata spent the next two hours explaining to me the global context of economic developments obtaining at that time. We were in the midst of the great moderation, and globalization was intensifying. Emerging markets were growing in an unprecedented manner. Thus, restructuring the Fund governance became more compelling.
Yes, PM Virata suggested to us his friend Lord Gordon Richardson, the former Bank of England governor, who steered England through the banking crisis of 1973-75 and introduced “pragmatic monetarism” following the repudiation of the fixed exchange rate system. Lord Richardson delivered an extemporaneous keynote speech that sounded rehearsed for its excellent exposition of key risks in the global economy in elegant Queen’s language.
During the celebration of the Philippine Center for Economic Development’s 50th anniversary, Dr. Sicat in his inaugural lecture last Monday focused on what he called a “bump” of real output during the martial law years. The “bump” is the excess of actual growth in gross domestic output over its long-term trend.
It is indeed possible that the martial law dispensation’s massive infra projects could be another factor behind the bump. But these were funded by borrowed funds from abroad including those from the World Bank and the Asian Development Bank. And because of mismanagement, the kind of economic growth it generated was not sustained in subsequent years.
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