ADB Sees 5% RP Annual Growth
The Asian Development Bank is projecting a five percent growth in the Philippines gross domestic product (GDP) over the next three years.
Despite high oil prices and the devastating tsunami, developing countries in Asia will experience robust growth in 2005 and continue a healthy expansion in 2006-2007.
ADB projects that the Asian region would 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 intraregional 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 gross domestic product (GDP) growth of 7.3 percent in 2004.
"Developing Asia has seen its strongest economic growth since the financial crisis of 1997-98," says ADB Chief Economist Ifzal Ali.
"Nearly all of the economies in the region grew by more than 5 percent in 2004. That is remarkable for an area that is home to about 4 billion people."
The Asian Development Outlook (ADO), which includes analysis and forecasts of economic trends for 42 economies in Asia and the Pacific, noted that rapid growth in the region was underpinned by strong domestic and external demand.
Developing Asian economies benefited from robust growth in major industrial countries and surging intraregional trade driven by PRCs dynamic economy.
The prospects for growth in major industrial countries and for world trade remain positive, although some moderation is expected.
Together with this relatively benign external environment, a broadening of the recovery in the region provides a firm foothold for continued expansion. …