PHL forecast to be 2nd fastest growing economy in 2015

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Philippine economy growing

The Philippine economy is projected to be the second fastest growing economy in 2015 according to a Bloomberg’s survey that is based upon average economists’ estimates.

The economic growth of the Philippines is seen as second only to China among Bloomberg’s

list of “This Year’s All Stars of the Global Economy.” The Philippines is also likely to gain from the decreasing oil prices in the global market.

Bloomberg’s survey of economists suggests that in 2015, the world is expected to grow 3.2 percent and then 3.7 the year after, expanding 3.3 percent in each of the past two years.

2015-Global-Economy

The Philippines along with China, Kenya, India and Indonesia, combined would make up 16 percent of global gross domestic product, are all expected to grow 5 percent in 2015 according to Bloomberg.

Meanwhile, oil producers like Malaysia will experience their economy’s growth slow from 6 percent to less than 5 percent due to lower oil prices.

Also, economists are now pointing to Africa as the next fast-growth region after Asia, with

Kenya and Nigeria in the top fastest growing economies.

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