Upbeat
No. 12.19.13 No. 2124 10.30.2008
PHL still among world’s fastest growing economies The Philippines is still one of the world's fastest growing economies and is expected to sustain its strong growth next year, Moody’s Analytics, a subsidiary of Moody's Corporation, reported. . “The Philippines continues to outperform (other economies) and will remain one of the world’s fastest growing economies in 2014,” Moody’s Senior Economist Glenn Levine said in a report titled "Asia Pacific Outlook 2014: Realizing Potential." The high investor confidence on the country and robust public and private investments drive the economy forward. Demand should rebound quickly after Typhoon Haiyan, Levine said. T rade and Industry Information Center Makati City, Philippines Tel.: (632) 895.3611 Fax: (632) 895.6487 publications@dti.gov.ph Copies available upon request.
In the first nine months of 2013, the Philippine economy expanded by 7.4%, compared with 6.7% in the same period last year, on the back of strong growth in the property and services sectors.
The government and economists predict that gross domestic product (GDP) growth in the last quarter of the year would cut up to 0.8 percentage points due to the effects of Super Typhoon Yolanda. Growth for the last three months is now expected at 7.0%. However, they still expect a boost in the economy by early 2014 arising from the government's rebuilding efforts. Thus, growth is expected to remain within the government’s target of a 6.5% to 7.5% range next year. The Philippine economy’s performance will be in line with the region’s performance as global demand picks up. “The Asia Pacific region enters 2014 growing solidly with a mild tailwind from growing global demand. The global and regional economies are on a slow cyclical upturn and downside risks are receding,” he said. Next year should be better than this year for most national economies are growing near or at the potential rates by the end of the year. “Yet there are reasons to believe 2014 will be better. The OECD (Organization for Economic Cooperation and Development) leading indicator of economic activity is accelerating, suggesting that developed world GDP will improve in the coming quarters,” Levine said.