The Philippines: the fastest growing economy in Asia in Q3
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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