S&P: Philippines growth leader in ASEAN

MANILA, Philippines – The Philippines is now Southeast Asia’s economic growth leader, taking over Indonesia, according to credit rating agency Standard & Poor’s (S&P).

In a report released on Monday, August 5, S&P said the Philippines’ gross domestic product (GDP) is expected to expand by almost 7% in 2013.

This is higher than the 5.5% collective GDP growth forecast for ASEAN countries — Indonesia, Malaysia, Philippines, Thailand and Vietnam.

English: The New Four Asian Tigers

English: The New Four Asian Tigers (Photo credit: Wikipedia)

“The Philippines, which S&P recently upgraded to investment grade, has taken over the ASEAN growth leadership role from Indonesia. We project Philippine GDP to expand by almost 7% this year, moderating to 6%-6.5% in 2014 and 2015,” S&P said.

The country grew 7.8% in the first quarter.

Full Article: http://www.rappler.com/business/35845-ph-leads-asean-economic-growth

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