MANILA – The Asian Development Bank (ADB) has upgraded its growth projection for the Philippines this year and the next, making country among the fastest-growing economies in Southeast Asia.
In a supplement to its Asian Development Outlook 2017, the Bank adjusted to 6.5 percent its economic growth projection for the Philippines in 2017 from previous 6.4 percent.
For 2018, the ADB said the country’s gross domestic product (GDP) would expand to 6.7 percent from 6.6 percent earlier projected.
The Bank added the Philippines and Vietnam would have the same rate of economic growth in the next two years.
Their economic growth outpaced that of Indonesia, Malaysia, Singapore and Thailand. “High first-quarter growth in Malaysia, the Philippines, and Singapore keeps Southeast Asia on track to meet forecasts of 4.8 percent growth this year and 5 percent in 2018,” said the ADB.
It noted that higher public investment boosted first-quarter growth in the Philippines.
The Bank also cited exports rebound in the country.
The ADB further said the growth outlook in Southeast Asia remained at 4.8 percent for 2017 and 5 percent for 2018.
“Robust domestic demand, particularly private consumption and investment, will continue to support economies in the region,” it added.