Based on the CNN Money data, the country’s gross domestic product (GDP) growth has been forecast at 6.7 percent, ranking 4th fastest-growing economy in 2015.
This growth is higher than Bangladesh’s 6.3 percent, Vietnam’s six percent, and Indonesia’s 5.2 percent. The Philippines latest GDP growth is trailing behind China’s estimated economic expansion of 6.8 percent, Qatar’s 7.1 percent, and India’s 7.5 percent.
Despite this achievement, the government still hopes to achieve a seven to eight percent growth by year-end, banking on sustained robust household consumption and a strong services sector.
Moreover, based on the report of trading economics.com, the Gross Domestic Product (GDP) in Philippines expanded 5.20 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.08 percent from 2001 until 2015, reaching an all time high of 8.90 percent in the second quarter of 2010 and a record low of 0.50 percent in the third quarter of 2009.
According to Philippine Development Bank, a recovery in government expenditure in the Philippines is seen driving strong economic growth, together with robust private consumption, investment, and exports. Inflation has eased and is forecast to remain moderate. Challenges center on accelerating infrastructure development and advancing investment climate reforms to generate more and better jobs for poverty reduction.