Philippines Is The 10th Fastest Growing Economy In The World -Forbes

Despite the ongoing tension brought by terrorism in Marawi City in Mindanao, the country’s vibrant economy ranked 10th place among the countries with the fastest growing economy in the world this year.

According to the World Bank’s latest edition of Global Economic Prospects, the Philippine’s economy is expected to progress between 6.5 to 7.5 percent for 2017. That is nearly twice the country’s long term growth.

Since 1982 until 2017, GDP Annual Growth Rate in the country averaged 3.68 percent, reaching 12.40 percent in the fourth quarter of 1988 – the highest so far within the last three decades while the lowest of 11.10 percent was recorded in the first quarter of 1985 according to Trading Economics.

Apparently, the country’s growing economy can be attributed to the stable macroeconomic environment of low inflation and low debt to GDP ratio, which has aided in sustaining an outstanding domestic demand growth. The country has also benefited from the revival of the Asian Pacific region that have boosted exports, which eventually accounts for close to a third of GDP. In April, 2017, exports from the country increased by 12.1 percent from the previous year to USD 4.81.

Previously, despite the rapid growth of the Philippine economy, hard-working Filipinos still remain poor, watching the people of neighboring countries get rich. As it may seem, revolution just come and go in the country. Hopefully, the current economic growth rates will be finally sustained in the future.

Aizelle Joe