Surpassing Viet Nam and Malaysia, the Philippines Emerges as Southeast Asia’s Fastest-Growing Economy

Surpassing Viet Nam and Malaysia, the Philippines Emerges as Southeast Asia’s Fastest-Growing Economy

In a notable economic shift, the Philippines has surged ahead of Vietnam and Malaysia to claim the title of Southeast Asia's fastest-growing economy in 2023. This growth, largely fueled by increased consumption, robust service sector activity, and strategic investments, marks a significant milestone for the nation.

According to recent data, the Philippines' gross domestic product (GDP) expanded by an impressive 5.6 percent, surpassing the median 5.5 percent growth forecasted by economists in a Bloomberg survey. The momentum continued into the final quarter of the year, with a quarterly growth rate of 2.1 percent mirroring the previous year's performance.

Following the release of this encouraging data, the stock market experienced a notable uptick of over 1 percent, while the peso saw a marginal decline of 0.1 percent against the US dollar. Despite falling slightly short of the government's target range of 6 to 7 percent, the Philippines' growth rate outpaced Vietnam's 5.05 percent performance. Malaysia, which had previously held the title of Southeast Asia's fastest-growing economy with an 8.7 percent growth rate in 2022, experienced a slowdown to 3.8 percent in 2023. The economic outlooks of Indonesia and Thailand are eagerly anticipated, with their economic data slated for release next month.

Secretary Arsenio Balisacan of the National Economic and Development Authority expressed confidence in the Philippines' economic trajectory, projecting a growth rate of 6.5 to 7.5 percent for 2024. This optimism resonates with President Ferdinand Marcos Jr's vision for the economy, driven by consumer spending and supported by easing inflation and a pause in the central bank's aggressive interest-rate tightening campaigns.

The Philippines' ascension as Southeast Asia's top economy underscores its resilience and potential on the regional stage. With a strategic focus on sustained growth and economic stability, the nation is poised to maintain its position as a key player in the global economic landscape.

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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