Philippines seen to grow fastest among ASEAN-5
The Philippine economy will likely grow the fastest among the ASEAN-5 nations in 2014 and 2015, the International Monetary Fund (IMF) said in a regional economic report. Asean-5 includes Indonesia, Malaysia, Philippines, Singapore and Thailand.
The Philippine’s GDP is expected to grow by 6.5 per cent this year and in 2014, according to the report Sustaining the Momentum: Vigilance and Reforms.
The IMF also noted that Indonesia would grow by 5.4 per cent this year and 5.8 per cent next year; Malaysia by 5.2 per cent and 5 per cent; Singapore by 3.6 per cent and 3.6 per cent; and Thailand by 2.5 per cent and 3.8 per cent.
“Official goals of rapid and inclusive growth will likely provide a boost to growth, as infrastructure spending is ramped up in a context where the near-term fiscal deficit target remains manageable,” the report read.
Philippine economy, as measured by the gross domestic product, grew by 7.2 per cent last year. It was the fasted among among the ASEAN-5 nations compared with 5.8 per cent for Indonesia, 4.7 per cent for Malaysia, 4.1 per cent for Singapore, and 2.9 per cent for Thailand.
Even if supply problems that ensued in the aftermath of Typhoon Yolanda in November 2013 did not really impact on Philippine growth prospects, the IMF, however, noted escalating food prices posed risks to monetary policy, while the weakening of the peso could also put pressure on core inflation in the face of strong demand in the domestic domestic market.
Growth in the ASEAN region, except in the Philippines, was influenced by cyclical factors, according to IMF.
“These have been mostly domestic, but external factors have also played an important role. Going forward, the anticipated upturn in global demand conditions should become more of a supportive factor, particularly in Malaysia and Singapore,” the IMF said.
The Philippine economy will likely grow the fastest among the ASEAN-5 nations in 2014 and 2015, the International Monetary Fund (IMF) said in a regional economic report. Asean-5 includes Indonesia, Malaysia, Philippines, Singapore and Thailand. The Philippine's GDP is expected to grow by 6.5 per cent this year and in 2014, according to the report Sustaining the Momentum: Vigilance and Reforms. The IMF also noted that Indonesia would grow by 5.4 per cent this year and 5.8 per cent next year; Malaysia by 5.2 per cent and 5 per cent; Singapore by 3.6 per cent and 3.6 per cent; and...
The Philippine economy will likely grow the fastest among the ASEAN-5 nations in 2014 and 2015, the International Monetary Fund (IMF) said in a regional economic report. Asean-5 includes Indonesia, Malaysia, Philippines, Singapore and Thailand.
The Philippine’s GDP is expected to grow by 6.5 per cent this year and in 2014, according to the report Sustaining the Momentum: Vigilance and Reforms.
The IMF also noted that Indonesia would grow by 5.4 per cent this year and 5.8 per cent next year; Malaysia by 5.2 per cent and 5 per cent; Singapore by 3.6 per cent and 3.6 per cent; and Thailand by 2.5 per cent and 3.8 per cent.
“Official goals of rapid and inclusive growth will likely provide a boost to growth, as infrastructure spending is ramped up in a context where the near-term fiscal deficit target remains manageable,” the report read.
Philippine economy, as measured by the gross domestic product, grew by 7.2 per cent last year. It was the fasted among among the ASEAN-5 nations compared with 5.8 per cent for Indonesia, 4.7 per cent for Malaysia, 4.1 per cent for Singapore, and 2.9 per cent for Thailand.
Even if supply problems that ensued in the aftermath of Typhoon Yolanda in November 2013 did not really impact on Philippine growth prospects, the IMF, however, noted escalating food prices posed risks to monetary policy, while the weakening of the peso could also put pressure on core inflation in the face of strong demand in the domestic domestic market.
Growth in the ASEAN region, except in the Philippines, was influenced by cyclical factors, according to IMF.
“These have been mostly domestic, but external factors have also played an important role. Going forward, the anticipated upturn in global demand conditions should become more of a supportive factor, particularly in Malaysia and Singapore,” the IMF said.
