As the Philippines economy continues to expand next year, the growth outlook has been lowered due to reduced government spending, higher inflation, and monetary tightening. The Philippine Star explains that the country’s gross domestic product (GDP) has been forecast to 6.2 percent this year instead of its previously forecast percentage of 6.4 percent, and the economy is seen to grow 6.4 percent instead of its previous prediction of 6.7 percent.
For the first half of 2014, the economy increased by six percent due to export recovery and private consumption and investment expansion. Richard Bolt, ADB country director for the Philippines says, “Consumption and investment remain strong, and exports are recovering…Accelerating infrastructure projects, taking measures to strengthen competition, and increasing access to finance can boost growth and create jobs.” But despite strong GDP growth of around 6.3 percent every year since 2010, jobs are not at a satisfactory generation rate.
Reports note that, other than Malaysia, “aggregate growth is moderating in 2014, slowed by stabilization policy and weaker commodity export prices in Indonesia, political disruption in Thailand, a government spending slowdown in the Philippines, and soft domestic demand in Vietnam.”
You can read the full article here: http://www.philstar.com/business-usual/2014/09/29/1374238/phl-growth-forecast-highest-among-asean-members