Philippines Office

Asian Cities

1H 2014

 

Philippine economy
The Philippines is currently one of the fastest growing economies in Asia, despite the calamities the country faced last year. While global growth remains in low gear, the Philippines’ economy posted growth of 7.2% in 2013, continuing the trend seen over the past few years.

The current state of the Philippine economy has also prompted economists to maintain their high growth forecasts for 2014, with the International Monetary Fund expecting 6.0% growth and the World Bank 6.5%, while the government is more bullish at 6.5% to 7.5%. However, Southeast Asia, including the Philippines, will come under pressure when the Federal Reserve rolls back its quantitative easing programme, although robust fundamentals make the Philippines less vulnerable to capital outflows than its neighbours. Robust domestic demand, public spending, strong exports and surging overseas remittances contribute to the local economy, and will maintain the upward trend as long as growth improves in advanced economies.

 
 

Key contacts

Simon Smith

Simon Smith

Senior Director
Research & Consultancy

Savills Two Exchange Square

+852 2842 4573

 

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