Philippine Economy Remains As One Of The Fastest Growing Economy In Asia
The Philippine economy remains among the fastest in Asia, despite it has slowed in previous quarters under the Duterte administration
Despite the slow down on the growth of the Philippine economy during the previous quarters, it was still among the fastest growing economy in the Asia. The country’s economy grew in the first quarter of 2017 under the administration of President Rodrigo Duterte.
Recently, Socioeconomic Planning Secretary Ernesto M. Pernia said that the growth in the economy last year was due to the election-related spending, which increased the gross domestic product (GDP) of the country.
“Growth last year was high due to election spending, impact of which has already dissipated,” said by Pernia quoted by GMA.
The country’s economy was still one of the fastest economies in Asia as its GDP grew by 6.4 percent during the first quarter of 2017. The Philippines has beaten its neighbor countries including Indonesia, Thailand, and Vietnam.
The Palace also said that the country is on the right track, although we are experiencing the slowest growth for the last five quarters.
President Duterte was currently making efforts in improving the country’s economy despite the ongoing conflict in Marawi City and martial law in Mindanao.
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