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The Philippines: the fastest growing economy in Asia in Q3

by ChemOrbis Editorial Team -
  • 09/12/2016 (17:02)
According to the data from Philippine Statistics Authority, the Philippines economy grew by 7.1% on a yearly basis in the July-September period and exceeded economists’ estimates of an increase of 6.7% in a survey by Bloomberg. This was also the country’s fastest growth recorded in three years.

What is more, this growth rate outpaced that of many Asian economies including China’s 6.7% and Vietnam’s 6.4%, making the Philippines the fastest growing economy in Asia in Q3. The increase in construction and infrastructure investment as well as the strong consumer spending boosted the growth.

Media reports indicated that the economy of the country is estimated to grow by more than 6% by 2018. Standard & Poor’s had reportedly mentioned in September the unlikeliness that the country’s credit rating would be upgraded and signaled the possibility of a downgrade, which had caused many foreign investments and orders to be cancelled.
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