Philippines domestic demand continue to drive growth

The Philippines is expected to grow at a much faster rate than the rest of the Association of Southeast Asian Nations (ASEAN), according to Moody's Investors Service.

The country, along with Vietnam and Indonesia, is a domestic demand-driven economy. As such, it is not heavily affected by the slowdown in global demand for exports. Philippine Gross Domestic Product (GDP) is expected to expand by 6% in 2016 and 2017, slightly higher than the 5.8% GDP growth registered last year.

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Moody's came out with a report titled "Growth Outlook of ASEAN economies to diverge in 2016 and 2017," which shows that economies of major export-oriented countries like Singapore, Malaysia and Thailand will remain weak in 2016 and 2017, compared to domestic demand-driven economies.

In the whole region, Vietnam is expected to have the highest GDP growth, which is expected to hit 6.1%. Meanwhile, Moody's estimate that the GDP of Indonesia will expand to 4.8% this year and 5.4% in 2017.

Knowing that the economy will continue to be strong is such welcome news for Filipinos. With the impending change in the administration this coming June 2016, everyone is hoping that the recent gains in the economic front will be continued.

All  presidential candidates are promising economic growth during their term. But Filipinos should also remember that they play a big part in the economic growth of the country. By simply being an active member of the working force and have some purchasing power will go a long way in moving the Philippine economy forward.
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