Philippines has the Fastest Growing Economy Among ASEAN Countries - Daily News | Living and Loving Philippines

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January 17, 2018

Philippines has the Fastest Growing Economy Among ASEAN Countries

World Banks says Philippines has the fastest growing economy among ASEAN countries. This economic improvement is expected to continue in the next three years despite public investments going down.



In the January 2018 Global Economic Prospects report of the World Bank, Inquirer says Philippines have the fastest-growing economy and will continue to be in the years to come. The report states our gross domestic product or GDP will likely grow to 6.7% this year and the next before slowing down to 6.5% in 2020. Although this forecast is lower than our government's target, this is still a good improvement that we, Filipinos should be very proud of.

And because of this positive forecast, domestic and foreign investors are looking forward to starting new businesses and investments in the country. Of course, this has also positively affected our Philippine Stock Exchange wherein new records have been reached in trading.

When compared to other countries, Manila Times says the expected GDP growth of the Philippines is higher than Vietnam (6.5%) Indonesia (5.3%), Malaysia (4.9%) and Thailand (3.5%). Meanwhile, Cambodia, Laos, and Myanmar had higher growth forecast but was not too far from Philippines which is good news not just for our country but to the whole ASEAN region.

World Bank's report also mentioned an increase in the workforce from the younger generation. This is a good thing as it makes it easier for the companies in the country to adopt new technology. With better technology, comes better conversion and reach which is always good for business.

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