PH has best growth outlook among ASEAN-5 in 2016

According to the 2016 edition of the OECD Economic Outlook for Southeast Asia, China, and India, growth for the ASEAN-5 economies—namely Indonesia, Malaysia, the Philippines, Thailand, and Vietnam—shows “mild moderation,” but will remain “robust” at an average of 6.5% in 2016.

Among the ASEAN-5 countries, the Philippines has the best growth perspective with an average growth forecast of 6.0% for 2016. This is driven mainly by the strong momentum in domestic demand, buoyed by growing remittances. According to the Outlook, the Philippines also benefits from improved attractiveness as a FDI destination.

[Read: President Aquino’s arrival statement after attending the 27th ASEAN Summit]

This is the second year in a row that the Philippines has the best growth forecast among the ASEAN-5 countries according to the OECD Economic Outlook.
Growth forecasts for the other ASEAN-5 countries are 5.9% (Vietnam), 5.2% (Indonesia), 4.6% (Malaysia) and 3.1% (Thailand). The growth forecast for China and India are 6.5% and 7.3%, respectively.

The OECD Economic Outlook is an annual publication on Asia’s regional economic growth, development, and regional integration process. It focuses on the economic conditions of the ASEAN member countries as well as the relevant economic issues in China and India in order to fully reflect economic developments in the region.

The 2016 edition of the Outlook was launched during the ASEAN Business Investment Summit in Kuala Lumpur, Malaysia on November 20.

– From the Department of Foreign Affairs