Philippines likely to post strongest growth in ASEAN this yearMANILA, Philippines — The Southeast Asian region is expected to continue its recovery this year, with the Philippines seen registering the strongest growth, but new COVID-19 variants remain a threat in the region’s rebound. Of all economies in the region, the Philippines is seen posting the strongest growth at around 7.2 percent. This is also way above the average five percent economic growth for the whole region. Biswas emphasized that domestic demand would be an increasingly important growth driver, as the rapidly growing consumer markets of populous ASEAN nations, notably Indonesia, Philippines and Vietnam, help to drive consumption spending. While economic growth momentum is seen improving this year, Biswas emphasized that most ASEAN countries will face the medium-term challenge of fiscal consolidation.

Source: Philippine Star January 17, 2022 13:49 UTC