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PH to be the Fastest-Growing in ASEAN and 2nd in the World in 2 Years

by: Sidney Liquigan

Monday, July 2, 2018 |

On April 9, 2018, the International Monetary Fund (IMF) released its latest World Economic Outlook. IMF's report cited the Philippine economy's constant resilience to external shocks. The organization expects the country to become the fastest growing economy among members of the ASEAN and the second fastest in the world in two years. IMF projects a strong 6.7% GDP growth for the Philippines for 2018 and 6.8% for 2019.

"As you may know, these growth forecasts are among the highest in the Asia-Pacific region," said YongZheng Yang, IMF resident representative for the Philippines.

Yang also added that "the Philippine economy will continue to grow strongly, driven by solid domestic demand and public investment."

Furthermore, the latest World Economic Outlook projected a 5.3% growth for 2018 and 5.4% for 2019 for the ASEAN-5 (Philippines, Vietnam, Indonesia, Thailand, and Malaysia) and a global growth of 3.9% for both 2018 and 2019. Yang said that these strong growth forecasts would fuel the growth of the Philippine economy's export sector, remittances, and the BPO sector.

"Strong domestic reform momentum, including in the area of taxation and capital market development, bodes well for private sector investment, including foreign direct investments," Yang added.


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