The Philippines is the fastest growing economy in ASEAN: World Bank

The World Bank predicted that the Philippines will continue to be the fastest- growing economy in ASEAN this year up to 2020, The Manila Times Online reported on Thursday.

In its Global Economic Prospects report released on Wednesday, the Washington- based lender forecast Philippine GDP to grow by 6.6 percent from 2018 to 2020, higher than Thailand’s 3.5 percent, Vietnam’s 6.5 percent, Indonesia’s 5.3 percent and Malaysia’s 4.9 percent.

The estimates however are lower than the government’s forecast of 7.0-8.0 percent.

Higher growth was however predicted for Cambodia, 6.7 percent; Laos, 6.6 percent and Myanmar, 6.8 percent.

The World Bank earlier upgraded Philippine growth rate forecast for 2017 to 6.7 percent from 6.6 percent, taking into account a stronger-than- expected third quarter expansion.

It said the continued global economic recovery had led to higher than expected export growth. A simultaneous recovery in major advanced economies and in developing countries is boost global trade, said the World Bank, adding that the Philippines have benefited from strong demand from its main trading partners such as the United States, Japan and Europe.