RP to emerge as ASEAN-5’s 2nd fastest economy — IMF

The Philippines is likely to become this year’s second fastest-growing economy — next to Thailand — among the Association of Southeast Asian Nations-5, multilateral lender International Monetary Fund (IMF) said Wednesday.

ASEAN-5 also includes Indonesia, Malaysia, and Vietnam.

In a report, IMF said the Philippine economy may grow by 7 percent instead of 6 percent as per its previous prediction.

IMF said that Thailand is expected to lead the pack with a gross domestic product (GDP) growth of 7.5 percent.

Malaysia will grow by 6.7 percent, Vietnam by 6.5 percent, and Indonesia by 6 percent, IMF noted.

According to the multilateral lender, it has twice upgraded its Philippine GDP growth forecast, from 3.6 percent as IMF originally expected the domestic output of the Philippines would grow.

For 2011, the IMF retained the GDP growth outlook of the Philippines at 4.5 percent, making it the second slowest country among the ASEAN-5 in terms of GDP growth.

GDP growth for Thailand and Malaysia will also contract by 4 and 5.3 percent, respectively, IMF said.

However, Vietnam and Malaysia’s economies will grow by 6.8 and 6.2 percent, respectively, it added.

“The ASEAN economies have also benefited from the strong regional upswing, particularly those exporting commodities and electronics,” IMF noted in its 32-page report.

IMF said that advanced Asian economies led by Japan, Australia, and New Zealand would grow by 4.6 percent this year and 2.8 percent next year.

Moreover, developing Asian economies such as China and India would post a GDP growth of 9.4 percent this year and 8.4 percent next year, it continued.

IMF said China’s GDP would expand by 10.5 percent this year and 9.6 percent next year, while that of India would grow by 9.7 percent this year and 8.4 percent in 2011. —JE/VS/OMG, GMANews.TV