The government had a cautious borrowing policy in the 1970s. Amidst high oil prices, high interest rates, capital flight, and falling export prices of sugar and coconut, the Philippine government borrowed a significant amount of foreign debt in the early 1980s. The country's total external debt rose from US$2.3 billion in 1970 to US$26.2 billion in 1985. Marcos' critics charged that policies have become debt-driven, along with corruption and plunder of public funds by Marcos and his cronies. This held the country under a debt-servicing crisis which is expected to be fixed by only 2025. Critics have pointed out an elusive state of the country's development as the period is marred by a sharp devaluing of the Philippine Peso from 3.9 to 20.53. The overall economy experienced a slower growth GDP per capita, lower wage conditions and higher unemployment especially towards the end of Marcos' term after the 1983–1984 recession. The recession was triggered largely by political instability following Ninoy's assassination, high global interest rates, Severe global economic recession, and a significant increase in global oil price, the latter three of which affected all indebted countries in Latin America, Europe, and the Philippines was not exempted. Critics claimed that poverty incidence grew from 41% in the 1960s at the time Marcos took the Presidency to 59% when he was removed from power.