Growth forecasts for the Philippine economy have been hiked by two institutions after the strong performance registered in the first quarter.
Nomura, in a report released Friday, expects the gross domestic product (GDP) — the broadest measure of the economy — to grow by 7.3% this year and 6.2% in 2014. Its earlier estimates were 6.4% and 5.8%, respectively.
“This strong first quarter GDP print continues to validate our long-held bullish view on the Philippines,” the Japanese bank said, adding, “We expect economic momentum to remain strong.”
The country will likely be boosted by a pick-up in investment, with business sentiment on a high and the government’s Public-Private Partnership (PPP) program now on track, Nomura said.
“This would add to what we see as a self-reinforcing dynamic currently in play, in which strong growth generates even more fiscal space to boost higher-quality public spending that, in turn, crowds in private spending,” it noted.
With investments pouring in — especially foreign direct investments — the bank said, it is “only a matter of time” before they trickle down to consumption and employment.
The GDP soared to 7.8% in the first quarter, beating expectations of both the government and the market. The Philippines became the fastest-growing country in Asia.
The Philippines is expected to have a nominal US$ GDP of 315 billion in 2014 and a PPP GDP of US$491 billion.
Indonesia also doing well growth wise
Indonesia expects 2014 GDP growth at 6.4-6.9 pct.
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