Publication: Philippine Economic Update, October 2016: Outperforming the Region and Managing the Transition
Date
2016-10
ISSN
Published
2016-10
Author(s)
World Bank
Abstract
The Philippines has emerged as one of
the most dynamic economies in the East Asia region. Despite
a challenging global economic environment, the Philippine
economy has grown at a rapid pace over the past five years,
supported by sound macroeconomic fundamentals and a highly
competitive workforce. Strong capital investment and robust
domestic demand have helped secure the Philippines’ position
as the leading growth performer among major economies in
East Asia and the Pacific. Public spending rose by more than
10 percent during the first half of 2016, as the government
continued to implement its ambitious investment program.
Services and industry remained the primary engines of
growth, while the lingering effects of El Niño further
diminished agricultural output and a weaker-than-expected
global recovery continued to hinder the export sector.
Nevertheless, the GDP growth rate rose from 5.5 percent in
the first half of 2015 to 6.9 percent in the first half of
2016, enabling the Philippines to outperform regional peers
such as China, Indonesia, Malaysia, Thailand, and Vietnam.
Citation
“World Bank. 2016. Philippine Economic Update, October 2016; Philippine Economic Update, October 2016 : Outperforming the Region and Managing the Transition. © World Bank, Washington, DC. http://openknowledge.worldbank.org/handle/10986/25271 License: CC BY 3.0 IGO.”