Good news, bad news

1. The Philippines will be the fastest growing ASEAN country this year with a 5.6 percent GDP growth, nosing out Cambodia 5.5; Indonesia 5; Vietnam 4.7; Malaysia 3.9 and Thailand 3.4 percent. In 2024, among the ASEAN Big 5 , the Philippines is again the GDP growth leader, 5.8 percent, ahead of Vietnam 5.5; Indonesia 4.9; Malaysia 4.3 and Thailand 3.5 percent.

Since August 2022, the Philippines consistently has had the highest inflation rate among six major Asian countries – Indonesia, Vietnam, Malaysia, Thailand, and China . 4. Congress keeps producing social and economic reforms intended to ease doing business, attract foreign investments, open up the economy some more and stabilize the Philippine economy.The Philippine economy is slowing down, dramatically. Compared with their pre-pandemic GDP, the Philippines has been beaten in the return to normal level by China, Vietnam, Indonesia, Cambodia, Malaysia and Laos, all of whose economies have expanded by 10 to 20 percent over 2019 value.

An economy growing at 6 percent yearly creates one million jobs a year or 167,000 jobs for each percentage point of growth rate. A decline from 7.5 to 4.3 is 3.2 which, multiplied by 167,000, means 534,400 jobs that should have been created were not created. Only those looking for work are considered part of the so-called labor force participation rate, which is 64.7 percent.

Despite the inflation due to rice and oil price shocks and underspending in many national government agencies, the International Monetary Fund gave a positive outlook for the Philippine economy.

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