The Asian Development Bank (ADB) said on Tuesday that the Philippine economy is projected to outperform Southeast Asia because of an expected increase in domestic consumption and investments
In a report by Jon Viktor Cabuenas on GMA News, the Philippine economy grew on a year-to-date average to 7.0 percent. The growth drivers moving forward is infrastructure spending at P8.2 trillion in the next six years.
ADB said that the latest “Asian Development Outlook 2016” report indicates that, “In Southeast Asia, growth forecasts remain unchanged at 4.5 percent in 2016 and 4.6 percent in 2017, with Malaysia and the Philippines expecting stronger growth due to a surge in domestic consumption and public and private investment, compared to lower growth forecasts in Brunei Darussalam, Myanmar, and Singapore.”
ADB has downgraded the economic growth outlook of ‘developing Asia’ to 5.6 percent from a previous estimate of 5.7 percent; citing a slight slowdown in India.
ADB Deputy Chief Economist Juzhong Zhuang said that “Asian economies continue their robust expansion in the face of global economic uncertainties”; adding that “Structural reforms to boost productivity, improve investment climate, and support domestic demand can help maintain growth momentum into the future”.