As stated by an American financial services company, Standard and Poor’s (S&P), the Philippines is now officially the top economic leader in Southeast Asia.
According to S&P the continued economic growth in the country has helped Philippines go beyond Indonesia’s economic performance.
S&P’s report projected for the Philippine economy to grow by 6.9 percent this year, which is faster than other ASEAN economies and forecast sees Philippine growth to be higher than that of China’s 7.3 percent.
S&P also sees Indonesia’s GDP to grow 6.1 percent; Vietnam, 5.3 percent; and Malaysia, 5.3 percent.
Furthermore, S&P is expecting the growth for ASEAN as a whole to remain steady at about 5.5 percent through 2015.
S&P Asia Pacific chief economist Paul Gruenwald said, that the Philippines’ GDP (gross domestic product) is projected to expand by almost 7 percent this year, moderating to 6 percent to 6.5 percent in 2014 and 2015.
He expounded financing the subsequent present account deficit “has become increasingly difficult” in Indonesia in spite of the country’s strong growth momentum.
“The major ASEAN economies we cover continue to outperform. These economies are more domestically focused than the Newly Industrialized Economies,” Gruenwald said.
