PHL is fastest-growing economy in Asia

With its 6.9% Gross Domestic Product growth, Philippines is now the fastest-growing economy in Asia, even faster than China’s 6.7% and Vietnam’s 5.7% GDP, as reported by the government this Thursday.

 

 

According to the National Economic Development Authority (NEDA), Philippines registered the fastest growth rate among the 11 selected economies. Second fastest-growing economy is China at 6.7%, Vietnam at 5.5%, Indonesia with 4.9%, and Malaysia at 4.2%.

Also, according to NEDA, this 6.9% growth from January to March is the “highest quarterly expansion in nearly three years.” This strong lead was possible through the services and industry sectors according to the Philippine Statistics Authority (PSA). Other sectors that supported this growth were manufacturing, construction, and utilities.

In relation to this strong growth, the government is said to target 6.8% to 7.8% this year. NEDA chief Emmanuel Esguerra said that they are expecting a stronger growth in the second quarter of the year.

 

Source report: CNN Philippines; Manila Times