Strong Growth in Philippine Bring Brighter Outlook for Investors
The economic growth of Philippine slowed down to 6.1 percent in the previous year due to natural disasters that hit the country but it still managed to outpace the growth rate of most of the other countries in Asia.
This was the third consecutive year of growth for the country. Socio-Economic Planning Secretary Arsenio Balisacan said that the country does not any longer deserve to be called "sick man of Asia".
Balisacan said, "Our country can no longer be called the sick man of Asia. Our economic growth is becoming more competitive with our East and Southeast Asian neighbours."
The performance of 2014 performance ranks Philippines in the second spot, when the growth rate of the Asian countries is concerned. Philippines is following China, whose growth rate remained 7.3 percent.
The economy of Philippines has been shattered by years of dishonest governments as well as frequent natural disasters that often hit the archipelago country. The country is quite prone to floods and typhoons. Investor have developed a brighter picture of the nation in current years as the conditions have become better under the government led by President Benigno Aquino III. The President vows to battle the corruption and reduce poverty.
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