THE Philippines, together with Myanmar and Vietnam, is expected to post the fastest economic growth in Asean mainly on the back of rosy domestic prospects, the research arm of the Fitch Group said Tuesday.
In a report titled “Positive Outlook for Asean and India Amid North Asia Weakness,” BMI Research said the Philippines would exhibit growth outperformance in the near term amid improved business environment coupled with a growing young population and the Duterte administration’s infrastructure buildup.
BMI Research projected the Philippines’ gross domestic product (GDP) to grow by an average of 6.2 percent in 2017 and 2018.
The GDP grew 6.4 percent in the first quarter, lower than expectations, but among the fastest across emerging economies in the region.
The government targets GDP growth of 6.5-7.5 percent this year and 7-8 percent next year.
Meanwhile, increasing investments in Myanmar and “greater political stability” under the ruling National League for Democracy would bring about nearly 7.5-percent growth both in 2017 and 2018, BMI Research said.