Philippine Economy: the Fastest-Growing in the World

Philippine Economy: the Fastest-Growing in the World

philippine economy fastest growing world

Last November 17, 2016, the Philippine Statistics Authority disclosed that there was an observed increase of 7.1 percent in the country’s gross domestic product (GDP), the fastest economic growth in three years.

According to some economists surveyed by Bloomberg, the Philippine economy is set to expand more than 6 percent until 2018 expected to make the country to rank among the fastest-growing economy in the world despite the risks such as President Rodrigo Duterte’s rants addressed to the US and Donald Trump’s ambitions.

For the same quarter, China posted a growth of 6.7 percent and Vietnam with 6.4 percent.

Aside from the country’s $50 billion of revenue coming from remittances and outsourcing, the said growth was also backed by Duterte’s $160 billion budget to be spent for his infrastructure plans aimed in producing jobs.

An analyst said that the Philippines will prevail in outperforming other countries in the region. Another also said that the Philippine economy will continue to grow at a satisfactory pace, at least in the short term.

Based on reports, the household spending which usually makes up about 70 percent of GDP increased 7.3 percent compared to last year’s values, with the government spending obtaining 3.1 percent and investment surging 20 percent.

Source: Bloomberg

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