Stanchart: PH economy on track to beating ASEAN counterparts
Despite external headwinds, the Philippines is expected to grow the fastest among ASEAN economies until next year on the back of robust domestic demand and strong services exports, Standard Chartered Bank said on November 24. “The Philippines’ domestic growth engine is firing on all cylinders, even as headwinds from slower global demand persist. We expect the Philippines to be the fastest growing ASEAN economy in the near term, recording strong growth of 6.8 percent in 2016 and 6.7 percent in 2017,” Standard Chartered economist for Asia Chidu Narayanan said in a statement. The gross domestic product grew 7.1 percent in the third quarter—the fastest among emerging Asian economies, bringing the nine-month average to 7 percent. The government targets a GDP growth of 6-7 percent this year and 6.5-7.5 percent next year.
