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| The Philippines will emerge as the fastest growing economy in ASEAN over the next two years. (Source: Philstar Global) |
In a recent assessment, a major Malaysian bank, Maybank, said that the Philippines will emerge as the fastest growing economy in ASEAN over the next two years, despite the overall economic slowdown.
According to Maybank, the Philippines' GDP growth rate could slow to 5.2% this year before recovering to 6.5% next year.
The Philippines' economic growth is set to accelerate to 7.6% in 2022 after emerging from the pandemic-induced recession with 5.7% growth in 2021.
Despite the overall slowdown, Maybank said the Philippines will be the fastest-growing economy in the region, with economic growth expected to average 4% this year and 4.7% in 2024.
According to Maybank, the Philippines' growth this year is faster than Indonesia's 5%, Vietnam's 4.8%, Malaysia's 4%, Thailand's 2.9% and Singapore's 0.8%. In 2024, the Philippines' GDP growth rate is likely to be faster than Vietnam's 6%, Indonesia's 5.2%, Malaysia's 4.4%, Thailand's 3.6% and Singapore's 2.2%.
Maybank also assessed that 2024 will be a brighter year for ASEAN as the world economy has many factors that facilitate ASEAN's export growth.
Maybank pointed out a number of uncertain factors affecting the world economy such as China's economic recession, uneven global growth, weak performance of the EU...
“However, ASEAN economies are generally well-positioned to weather such disruptions thanks to declining external debt and resilient labour markets,” Maybank said.
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