Philippines to lead ASEAN in economic growth over the next 2 years
ASEAN's economy in 2024 will be a brighter and the Philippines could lead the region in economic growth.
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| The Philippines will emerge as the fastest growing economy in ASEAN over the next two years. (Source: The PhilStar) |
In a recent report, Maybank (a major Malaysian bank) said that the Philippines will emerge as the fastest growing economy in ASEAN in the next two years, despite the general economic decline.
Malaysian banking giant Maybank said the gross domestic product (GDP) growth of the Philippines may slow to 5.2 percent this year before rebounding to 6.5 percent next year.
According to Maybank, GDP of the Philippines may slow to 5.2 percent this year before rebounding to 6.5 percent next year.
Moreover, Philippine economic growth accelerated to 7.6 percent in 2022 after emerging from the pandemic-induced recession with a 5.7-percent expansion in 2021.
Despite the slowdown, Maybank said the Philippines would be the fastest- growing economy in the region, with economic growth expected to average four percent this year and 4.7 percent 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 will likely 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 assesses that 2024 will be a brighter year for ASEAN when the world economy has many factors that create conditions to promote ASEAN's export growth.
Meanwhile, Maybank pointed out a number of uncertain factors affecting the world economy such as China's economic recession, uneven global growth, weak EU performance...
“Nonetheless, ASEAN economies as a whole are in a good position to weather such disruptions, due to reduced external debt and resilient labor markets”, Maybank said.
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