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PH Seen to Outpace ASEAN Neighbors in the Next 5 Years

by: Sarah Joson

Wednesday, November 19, 2014 | Outsourcing News |

According to the Organization for Economic Co-operation and Development (OECD), Asian countries will expand immensely during the medium term, and the Philippines will be at the forefront, outpacing its ASEAN-5 peers in the next five years.  

ASEAN Business and Investment Summit in Myanmar

During the last day of the ASEAN Business and Investment Summit in Nay Pyi Taw, Myanmar, the study "Economic Outlook for Southeast Asia, China and India 2015: Strengthening Institutional Capacity" was released and it stated that the five-year outlook for growth prospects is positive for the emerging Asian countries: Southeast Asia, China, and India. The gross domestic product (GDP) growth in the region is expected to reach 6.5 percent annually in the 2015-2019 period. The forecast is lower than the initial 6.9 percent OECD had projected for this year up to 2018.

The report also indicated that amidst the slowdown in China, growth in emerging Asia will stabilize, while the rest of the ASEAN nations will have robust growth. It is expected to be similar to the growth of the last decade - 5.6 percent for 2015-2019.

In last year’s report, growth for China was pegged at 7.7 percent, but it’s now seen averaging at 6.8 percent in the next five years. As for the 10 ASEAN economies, OECD previously predicted that expansion will be at 5.4 percent in 2014-2018.

Within the ASEAN-5 (the Philippines, Indonesia, Malaysia, Thailand, and Vietnam), the Philippines takes the lead with GDP growth pegged at an average of 6.2 percent annually from 2015-2019. This is higher than the 5.8 percent given for 2014-2018.


Source:
http://www.bworldonline.com/

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