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14 August 2012

Philippines is Now Second of the Fastest-Growing Economy in Asia

Philippines is now the second fastest-growing Asian economy next to China but believe to be the strongest-performing economy in the whole Asia.

According to the chief economist for Asia at Deutsche Bank AG, Michael Spencer, the economy of the Philippines did grew by 6.4 percent just in the first quarter compared from the sluggish 3.7 percent growth last 2011.

English: Coat of arms of the PhilippinesEnglish: Coat of arms of the Philippines (Photo credit: Wikipedia)
"The strongest-performing economy in the Asia today is the Philippines," Michael Spencer said. He also added that Philippines has been identified to be dependent on the economies of the United States and Europe.

Spencer also suspected that this big improvement of the growth of the Philippines' economy has something to do with the outsourcing of Japan to the country after the earthquake.

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