Despite the slow economic growth in 2014, the Philippines still ended up 2nd in the fastest emerging markets in the world, according to Bloomberg surveys conducted early this year. This puts the country just a step behind China.
This positive economic growth can be attributed to the unexpected boost in the three major productive sectors-agriculture, industry, and services sectors during the last quarter of the year. Agriculture grew by 4.8% from 0.9% in 2013, industry grew by 9.2%, while services moved by 6%. The progress in these sectors have not only improved the economy as a whole, but also increased the country’s resilience to sudden changing trends happening in the international market.
The Bloomberg survey results further support the initial findings of the National Economic Development Authority, which back in January already released the status of the nation’s “improving” economy.
Out of 57 countries covered by the surveys, Kenya came in third, despite the continuously high levels of poverty and unemployment in the country. Other Asian tigers such as Indonesia, Malaysia, and Thailand, came in at 5th, 7th, and 9th, respectively. Economic giants meanwhile such as the US and the UK are expected to grow between 2.6 and 3.1% this year.