TAG: Asia
The increasing focus on economic diversification and the ongoing growth of non-energy sectors bodes well for the economy, as does further exploration and improved efficiency in the oil and gas industry.
With GDP growth coming in at 5.8% for 2015, after averaging 6.2% from 2010-14, the Philippine economy is establishing a record of stable high growth rates, and the long-term growth outlook has improved. The BPO sector appears set to continue snowballing and increasingly leading growth across the economy, and the drop in oil prices is an important positive change, the effects of which are likely to continue to play out for years.
The Thai government and private sector are working in tandem to boost consumer spending, push through large-scale infrastructure projects and promote clusters of high value-added industries.