Philippines to maintain economic pace

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BPO Philippines
BPO workers in the Philippines

The Philippines is forecast to continue on a path of sustained growth, expected to expand 6.2 per cent and 6.4 per cent in 2013 and 2014, respectively, the World Bank has maintained, while the Asian Development Bank raised their 2013 forecast to 6 per cent.

The emerging Southeast Asian archipelago nation bested all predictions in 2012 by growing 6.6 per cent, making it the second fastest growing nation in Asia behind China (7.8 per cent).

The Bank of America-Merrill Lynch expects that Asian economies will post divergent growth rates in the years to come, with slow nations expected to lag further while fast-growing nations maintain momentum, keeping the Philippines in the leading pack.

This means that China, the Philippines, Indonesia and India will continue posting robust growth numbers, while the already stabilised growth engines of Singapore, Hong Kong, Taiwan and South Korea will stay on the slower track, a report by Merrill Lynch concluded.

“For 2013, we expect this pattern to continue,” it said in its report titled “Economic Pulse of Emerging Market Asia.”

With the world economy now switched to recovery mode, the World Bank has further projected that overall Southeast Asia growth will rise moderately to 7.8 per cent in 2013 and ease to 7.6 per cent in 2014.

In the Philippines, 70 per cent of GDP derives from domestic consumption, the major engine behind the country’s sustained growth, President of the Philippine Stock Exchange Hans Sicat told Inside Investor.

This growth is being largely supported by the country’s rising BPO industry, Sicat added, a business segment that is due to overtake India as the global leader by 2015.

 

 

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Reading Time: 2 minutes

BPO workers in the Philippines

The Philippines is forecast to continue on a path of sustained growth, expected to expand 6.2 per cent and 6.4 per cent in 2013 and 2014, respectively, the World Bank has maintained, while the Asian Development Bank raised their 2013 forecast to 6 per cent.

Reading Time: 2 minutes

BPO Philippines
BPO workers in the Philippines

The Philippines is forecast to continue on a path of sustained growth, expected to expand 6.2 per cent and 6.4 per cent in 2013 and 2014, respectively, the World Bank has maintained, while the Asian Development Bank raised their 2013 forecast to 6 per cent.

The emerging Southeast Asian archipelago nation bested all predictions in 2012 by growing 6.6 per cent, making it the second fastest growing nation in Asia behind China (7.8 per cent).

The Bank of America-Merrill Lynch expects that Asian economies will post divergent growth rates in the years to come, with slow nations expected to lag further while fast-growing nations maintain momentum, keeping the Philippines in the leading pack.

This means that China, the Philippines, Indonesia and India will continue posting robust growth numbers, while the already stabilised growth engines of Singapore, Hong Kong, Taiwan and South Korea will stay on the slower track, a report by Merrill Lynch concluded.

“For 2013, we expect this pattern to continue,” it said in its report titled “Economic Pulse of Emerging Market Asia.”

With the world economy now switched to recovery mode, the World Bank has further projected that overall Southeast Asia growth will rise moderately to 7.8 per cent in 2013 and ease to 7.6 per cent in 2014.

In the Philippines, 70 per cent of GDP derives from domestic consumption, the major engine behind the country’s sustained growth, President of the Philippine Stock Exchange Hans Sicat told Inside Investor.

This growth is being largely supported by the country’s rising BPO industry, Sicat added, a business segment that is due to overtake India as the global leader by 2015.

 

 

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