WOW! Philippines Is Fastest Growing ASEAN Economy Said Standard Chartered Bank UK!
Standard Chartered Bank UK announced that the Philippine economy is fast growing and could reach 6.8 percent this year saying that the country will beat its Southeast Asian peers.
According to Standard Chartered Asia economist Chidu Narayanan, this is due to strong domestic demand, increased infrastructure investments and a steadily growing services sector that could support expansion of up to 7 percent in the first half and 6.5 percent in the second half.
“This would make the Philippines the fastest-growing ASEAN-6 economy for a second consecutive year,” Narayanan said in a statement.
The International Monetary Fund (IMF) said earlier this week that the Philippine economy could grow by 6.8 percent this year and 6.9 percent next year.
This is in line to President Rodrigo Duterte's "Dutertenomics" project which plans to grow the economy by building P8-trillion in infrastructure.