Financial services firm Standard & Poor’s recently said of all the countries in Southeast Asia, the Philippines will continue to demonstrate unceasing growth for the coming year. A report released by the organization stated that Association of Southeast Asian Nations (ASEAN) members are expected to display steady growth, but the Philippines will surpass all of its counterparts.
Nations such as Thailand and Malaysia experienced spending challenges as real estate obligations got in the way. Another country facing financial woes is Indonesia as it is going through tighter monetary settings caused by its current account deficit.
Meanwhile, the report also highlighted that even with current rebuilding efforts of the Philippines after super typhoon Haiyan hit the country, it is projected to post continuous growth.
S&P’s also predicted that the growth rate of the Philippines’ gross domestic product (GDP) will marginally drop from seven percent in 2013, to 6.4 percent in 2014, and is predicted to fall further in 2015 by six percent. However, if the country fails to fully overcome the recent typhoon and earthquake, S&P’s predicted that growth will be at 5.7 percent next year, and 5.4 percent in 2015.