A report by Standard & Poor's (S & P) indicates the Philippines as the driving force in the region. For 2013 a, growth rate of 7%, which will settle at 6/6.5% in the next two years. Country's growth boosted by strong domestic demand, which makes up for international crisis and China's increasingly pronounced slump.

Manila (AsiaNews / Agencies) - The Philippines is the main driving force of the economy of Southeast Asia, thanks to a "strong domestic demand," which is expected to continue to grow. According to the forecasts made by the rating agency Standard & Poor's (S & P), Manila's scale of development is such that it is pushing the other nations of the region from the continent's top economies for the year 2013. The arrival of major international retail chains confirm the growing development - especially in the major centers including Manila. Luxury apartments are also springing up in every corner of the capital, surrounded by shops and shopping centers, offices and financial call centers.

In fact, while the rest of Asia is expected to decline caused by the progressive deterioration of the Chinese economy and the "luke warm" recovery of the United States and Europe, in the Philippines, the prospects are much better. The report from S & P explains that "the strong domestic demand," is helping major south-east Asian markets to "better address the crisis."

For the rating agency Indonesia, Malaysia, Philippines, Singapore and Thailand are expected to grow - on average - 5.5% in the current year, a higher than expected figure, given that for the Asia-Pacific region as a whole there was a forecast of a 5.3%. Manila in particular has benefited because "less dependent" on a "weak" global market and in recent months "has exceeded even Jakarta."

The predictions are for a GDP increase of around 7% in 2013, which should then settle on 6/6.5% in the next two years. There "threat" of China is ever present, whose decline (growth well below the 7.5% trumpeted by the government) is likely to hit the entire Asia-Pacific region.

The economic growth in recent years is the direct result of the policies promoted by President Aquino, who was elected in 2010 with a campaign devoted to the fight against corruption and widespread poverty. He took power in a context in itself full of potential for the common use of the English language, the relative freedom of the press and established democratic tradition despite pockets of violence and internal resistance. However there are still some unresolved issues, in particular the node linked to poverty - 28% live below the minimum threshold of survival - as well as the strengthening of the infrastructure (airports, roads, hotels), the fight against unemployment, which registered a increase in April over the same period (from 6.9% to 7.5%) in the past year.

 

• PHILIPPINES
• -
• ASIA
• economy
• growth
• domestic
• consumption
• poverty