5:16 pm - Friday May 24, 3213
In latest CNN Money data

Philippines 4th fastest-growing economy in 2015

Philippine economic growth this year is projected to be the fourth fastest in the world, data compiled by CNN Money showed.

The chart showed the country’s gross domestic product (GDP) growth has been forecast at 6.7 percent, which is below the government’s seven to eight percent target for the year.

The figure trails behind China’s estimated economic expansion of 6.8 percent, Qatar’s 7.1 percent, and India’s 7.5 percent.

Economy PhilipinesThe Philippines’ projected economic growth is higher than Bangladesh’s 6.3 percent, Vietnam’s six percent, and Indonesia’s 5.2 percent.

The CNN Money data also showed Malaysia and Nigeria have been forecast to rank eighth and ninth in terms of the fastest GDP growth rates this year with 4.8 percent, while Angola completed the top 10 with 4.5 percent.

Latest data showed Philippine economic growth eased to 5.2 percent in the first quarter from 5.6 percent in the same period last year as public spending came below what was programmed.

Despite the slower-than-expected expansion in the first three months of the year, the government still hopes to achieve a seven to eight percent growth by year-end, banking on sustained robust household consumption and a strong services sector.

Last year, domestic economic growth decelerated to 6.1 percent from a stellar 7.2 percent in 2013.

The growth rate came below the government’s 6.5- to 7.5-percent target, but it was the fifth fastest in the world, data from CNN Money showed.

The chart showed China recorded the fastest expansion last year at 7.4 percent, followed by India at 7.2 percent.

Nigeria and Bangladesh came in at third and fourth with growth rates of 6.3 percent and 6.1 percent, respectively.

By Kathleen A. Martin (The Philippine Star)