Philippines, Now The 10th Fastest Growing Economy Worldwide
The World Bank’s latest edition of Global Economic Prospects ranked the Philippines as the world’s 10th fastest growing economy in 2017.
The Philippines is currently the 10th fastest economy not only in Asia but all around the world in 2017. The economy of the country is expected to reach 6.5 up to 7.5 this year, which is already almost twice of its long-term growth.
The annual growth rate of the Philippine economy from 1982 up to 2017 was only 3.68 percent. The country’s economy reached its peak in 1998 with a growth of 12.4 percent and its lowest was recorded during the first quarter of 1985 with a -11.1 percent.
The low inflation and low debt to GDP ratio are some of the major factors causing the improvement of the country’s economy. The stable macroeconomic environment of the country also helps to sustain its healthy domestic demand growth.
The export from the Philippines amounting $4.81 billion as of April 2017 is a good sing of improving country’s economy showing a 12.1 percent increase from 2016. The International Monetary Fund (IMF) has projected the Philippines to have the fastest economic growth in Asia for the next two years.
The Philippines also shows a great signs of growth after it beats China’s (6.6%), Vietnam’s (6.5%), Indonesia’s (5.1%), Malaysia’s (4.5%), Thailand’s (3%), Singapore’s (2.2%) as well as Taiwan’s (1.7%).
Forbes also wrote that despite the fast growing economy of the Philippines, the hard-working Filipinos remain poor due to corruption and political oppression.
“Those who have followed the Philippines economy for a long time have seen a familiar show: hard-working Filipinos remain poor, watching the people of other nations in the region get rich. Revolutions come and go in the Philippines, but the old villains — corruption and political oppression — remain intact, holding Filipinos back from making the transition from poverty to riches,” wrote by Forbes quoted by Summit Express.
What can you say about the vibrant economy of the Philippines? Just feel free to leave your comments and reactions for this article.
