The Philippines will be the second fastest-growing economy in the world for the year 2015, second only to China according to the latest Bloomberg survey of economists. Based upon the survey the Philippines and China will be the only two economies out of 57 included in the report that will grow 6 percent or more this year.
The Bloomberg survey report is based on average economists’ estimates, which states that the country is one of the biggest beneficiaries in the world from lower oil prices.
Bloomberg was quoted as saying “The world is expected to grow 3.2 percent in 2015 and 3.7 percent next year after expanding 3.3 percent in each of the past two years, according to a Bloomberg survey of economists. China, the Philippines, Kenya, India and Indonesia, which together make up about 16 percent of global gross domestic product, are all forecast to grow more than 5 percent in 2015,” Bloomberg said.
The Philippine neighbor, Malaysia, one of Southeast Asia’s leading oil producer in the region, will see growth slow from 6 percent to less than 5 percent as the country struggles from lower oil prices worldwide.
Aside from the Philippines and China as the fastest growing economies in the world, the African nation of Kenya and Nigeria were also included in the Top 5 fastest growing economies.
According to many economies interviewed by the Bloomberg survey, Africa is now considered as the next fast-growth region in the world after the Asian continent.