The surprising growth by the economies of Malaysia and the
Philippines in the third quarter prompted the Asian Development Bank to raise
forecast for Southeast Asia output, the Manila-based lender reported Friday.
“A strong third quarter lifted prospects in Malaysia and the
Philippines, boosting 2012 growth forecasts in the ASEAN 5 from 5.6 percent to 5.9 percent,” the ADB
said in its Asian Development Outlook Supplement, referring to Indonesia,
Malaysia, Philippines, Thailand, and Vietnam.
Southeast Asia as a whole is now expected to registered 5.3
percent in GDP growth, up from the 5.2 percent projected in October, the lender
added.
The National Statistics Office last week reported Philippine
output – as measured by the gross domestic product – grew 7.1 percent in July
to September, the fastest in the Association of Southeast Asian Nations and a
big surprise for analysts and economic planners.
Expectations were pegged on 5 percent to 6 percent in the
third quarter.
/news/story/284097/economy/business/phl-economy-surges-7-1-in-third-quarter-fastest-growth-in-asean
The third quarter Philippine output boosted to 6.5 percent
the nine-month average from 3.9 percent a year earlier.
International Monetary Fund resident representative Shanaka
Jayanath Peirisc on Thursday said Philippine growth may hit 6 percent this
year.
Malaysia grew 5.2 percent in July to September, also higher
than market expectations.
“The surging economies of Southeast Asia have been a bright
spot in developing Asia’s otherwise subdued 2012 growth performance,” ADB said
in a statement.
Siegfried Alegado
http://www.gmanetwork.com
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