MANILA – The Philippines will be Southeast Asia’s fastest growing economy next year, according to the Institute of Chartered Accountants in England and Wales.
The group also noted that the Philippines will regain its number one spot in the region by growing over 6.4 percent in 2015.
The said growth will be attributed to the country’s low budget deficit and slowed-down inflation, according to the Institute.
Dragged by the weak government spending, the country’s growth placed it as the third fastest growing economy in Southeast Asia for the third quarter.
It has also posted a GDP growth at 5.3 percent for the same quarter, a little behind Malaysia’s 5.6 percent and Vietnam’s 6.2 percent.
The Institute, however added that the in a bid to support its growth, the Philippines must build more infrastructure.