OECD sees Philippines leading in GDP growth

THE PHILIPPINES will lead Southeast Asia and much of Asia in economic growth this year and for the rest of the term of President Rodrigo R. Duterte, according to the latest regional outlook provided by the Organization for Economic Cooperation and Development (OECD).

OECD’s bi- annual Economic Outlook for Southeast Asia, China and India 2017 showed Philippine gross domestic product ( GDP) growing 6.8% this year from 2015’s actual 5.9% and against the government’s own 6-7% target for 2016.

At that pace and with “robust domestic demand” backed by “steady remittances” from Filipinos abroad, the Philippines will outperform most comparable major Asian economies, excluding India which is projected to grow 7.4%, as well as forecast averages of 4.8% for Southeast Asia and 6.5% for “Emerging Asia.”

For next year, OECD expects Philippine economic growth to slow to 6.2%, matched by Vietnam and outpaced this time by China’s 6.4% and India’s 7.6%.

OECD’s 2017 projection for the Philippines compares to the government’s 6.5-7.5% target and still outpaces Southeast Asia’s forecasted 4.9% but falls short of Emerging Asia’s expected 6.4%.

From 2017 to 2021 — or less than a year before Mr. Duterte steps down at noon of end-June 2022 — the Philippines is expected to grow by an average of 6.1%, outdone by Vietnam’s and India’s 6.2% and 7.3%, respectively, but still better than China’s projected 6.0% and Southeast Asia’s 5.1%. Emerging Asia, however, will manage to expand by a slightly faster average of 6.2%.

“Overall, the growth prospects of the Emerging Asian economies (Southeast Asia, China and India) are expected to remain robust over the medium term amid global economic uncertainty,” the report read, adding that among Southeast Asia’s five biggest