World Economy

Philippines Growth Robust

Philippines Growth RobustPhilippines Growth Robust

President of the Asian Development Bank, Takehiko Nakao, said he believes the Philippines will continue to enjoy solid growth this year and beyond, “based on a young and educated workforce and strong private sector activities” including business process outsourcing and manufacturing, Asia News Network reported. The ADB expects the Philippines to sustain robust economic growth in the near term as it reaps the benefits of a demographic sweet spot and gains from a manufacturing resurgence. “Philippine economy grew 6.8% last year, higher than we expected and among the highest in Asia. This reflected increased public infrastructure investment and higher private investment and consumption,” he said. 

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