The Philippines is now Southeast Asia’s main economic engine, fueled by strong domestic demand, to lead the rest of the region ahead of Asia this year, rating firm Standard & Poor’s (S&P) said.
While growth across Asia will continue to be dragged by worsening economic conditions in China and the tepid recovery in the US and Europe, S&P said in a report this week that strong domestic demand would allow Southeast Asia’s major markets to fare better than their trade-dependent peers.
S&P said Indonesia, Malaysia, Philippines, Singapore and Thailand were expected to grow collectively by 5.5 percent this year. This is faster than the rating firm’s 5.3-percent growth forecast for Asia Pacific as a whole.
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