by: Sarah Joson
Tuesday, August 4, 2015 |
Domestic economic growth posted a record high of 7.2 percent in 2013, followed by 6.1 percent last year. Projected growth this year is 6.7 percent. Despite it being short of the government target of 6.5-7.5 percent, data from CNN Money showed that it could be the fifth fastest in the world.
The projected growth for the Philippines is behind China’s 6.8 percent, Qatar’s 7.1 percent, and India’s 7.5 percent, but is higher than the 6.3 percent of Bangladesh, Vietnam’s six percent, and Indonesia’s 5.2 percent.
The research also projected that Malaysia will take the 8th spot and Nigeria will be on the 10th spot in terms of fastest GDP rates with 4.8 percent, and Angola is set to complete the top 10 list with 4.5 percent.
However, due to poor public spending, growth slowed down to 5.2 percent during this year’s first quarter from the 5.6 percent during the same period in 2014. Even with a slow first quarter, the government is still eyeing growth to reach 7-8 percent by the end of this year, anchored on robust household consumption and services sector.
Last year, China posted the fastest growth with 7.4 percent, followed by India at 7.2 percent, Nigeria at third with 6.3 percent, and Bangladesh at fourth with 6.1 percent.
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