Improving Global Economy Seen to Step Up Philippine Economic Growth

Article excerpt

With the improvement of economies affected by the global recession in recent years, world renowned debt watcher Standard & Poor's (S&P's) and British banking giant Standard Chartered Bank recently said in separate reports that the Philippine economy is seen to continue on its upward trend and become the standout economy in Southeast Asia in 2013.

The Asia-Pacific region, which has endured half a decade of economic challenge, is expected to make progress in 2013. External factors affecting the region's economy with the European recession easing. The United States of America is also expected to grow faster. China has avoided an economic slowdown.

According to S&P's, Philippine growth is expected to reach 5.9 percent this year as the recession in Europe and America eases. More investments in tourism and the business process outsourcing industries have spurred economic growth to become more broad-based. These, combined with increased fiscal space, are putting the Philippine economy on a higher growth trajectory. …