The Philippines Has Now The Fastest Economic Growth In Asia, NEDA Says
The National Economic and Development Authority (NEDA) said that the Philippines has now the fastest economic growth in Asia.
Despite the slower expansion of the country’s economy in the last three months of 2016, the Philippine economy leads in Asia. The Philippines Growth Domestic Product (GDP) has 6.8% full-year growth, which overwhelmed China with 6.7% and Vietnam with only 6.2%.
Philippine Statistics Authority showed the data of the first semester of 2016, which has 6.9%. During the middle of the year, the country’s economy growth has jumped to 7.0%, but it drops to 6.6% during the last quarter of the year.
Higher investment’s rate and consumer spending were the primary factors for the rapid growth of the country’s economy. While, its slower expansion was caused by government transition, according to Socioeconomic Planning Secretary Ernesto M. Pernia.
The 6.8 percent GDP full-year economic growth during the last quarter of 2016 was still the fastest since 2013. The GDP growth rate to 6.3 percent this 2016 was the highest since 1978 because this year’s economy growth brought the Philippines’ 7-year moving average.
The rapid GDP growth of the country was welcomed by Presidential spokesman Ernesto Abella. He also confidently said that this growth could be sustained in a long-term. “The last quarter of an election year is usually weak with the government transition. However, in our case, it has actually improved,” said by Abella quoted by Manila Bulletin.
The country’s GDP was totally improved despite the reduction during the last 4 months of 2016 and in 2017, Abella believed that the Philippines could reach its target of 6.5 to 7.5 GDP growth. In 2018, Pernia aims to expand further by increasing GDP by 7 to 8 percent.
Increasing the Philippine economy by 50 percent was the target of the government under the administration of President Rodrigo Duterte for his 6-year term. The president also aims to lift more than 6 million Filipinos from poverty and bring the country into a middle-class income status.