The Philippine economy has exhibited considerable growth and resilience in the past year. After a sharp decline in 2011, gross domestic product grew 6.6 percent in 2012. Unlike its neighbors in the region, the Philippines’ GDP has continued to improve since, peaking at 7.7 percent in Q1 2013.
Early this month, the World Bank increased 2013 and 2014 growth projections for the Southeast Asian country. In May 2013, the bank forecast 2013 and 2014 GDP to increase 6.2 percent and 6.4 percent, respectively; revised estimates peg GDP growth to 7 percent for 2013 and 6.7 percent for 2014. In contrast, the World Bank downgraded GDP forecasts for many other countries in the East Asia and Pacific region.
Rising consumer confidence, greater public spending and a significant resurgence in exports underpin the Philippines’ current notable performance.