The Philippines' economy was traditionally based on agriculture and exports of primary commodities before WWII. After independence in 1946, the economy remained dependent on trade with the US until the 1950s when the government tried to encourage industrialization. Through the 1970s, policies promoted exports and foreign investment, but debt rose rapidly. The economy suffered a deep recession in the 1980s due to a global recession, mismanagement under President Marcos, and the debt crisis. Major reforms in the 1990s privatized industries and reduced government intervention, stabilizing the economy. By the early 2000s, the government was pursuing further reforms to increase development.