THE Asian Development Bank (ADB) has projected a 5 percent growth in the Philippines Gross Domestic Product (GDP) over the next three years in the face of a strong economic rebound in the region.
Despite high oil prices and the devastating tsunami, the ADB projects that developing countries in Asia will experience robust growth in 2005 and continue a healthy expansion in 2006-2007. It says the Asian region should achieve an overall economic expansion of 6.5 to 6.9 percent in 2005-2007 on the back of buoyant domestic demand and further strengthening of intra-regional trade.
The upbeat outlook draws on the strong growth momentum gained through spectacular economic performance in 2004, when the economies of developing Asia and Pacific registered GDP growth of 7.3 percent. As an ADB economist remarked, "developing Asia has seen its strongest economic growth since the financial crisis of 1997-98."
The Asian Development Outlook (ADO), which includes analysis and forecasts of economic trends for 42 economies in Asia and the Pacific, said developing Asian economies benefited from robust growth in major industrial countries and …