10:37 | 06/09/2017 Cooperation
Southeast Asian nations have updated their economic growth in the second quarter of 2017 with encouraging figures, despite the impact of rising US trade protectionism, higher US interest rates, and an expected slowdown in China's economy.
|Building under construction in Manila, the Philippines - Photo: AFP/VNA|
The Philippine economy grew 6.5 percent in the period thanks to its effective public spending on infrastructure projects and good recovery of local agriculture. The country’s GDP inched up 0.1 percentage point compared to the figure in the first quarter.
The Philippine economy is on track to meet its 2017 growth target of 7.5 percent, said Socioeconomic Planning Secretary Ernesto Pernia.
Malaysia’s economy, meanwhile, expanded 5.8 percent year-on-year in the second quarter of 2017, the highest level in the past two years and above market expectations of 5.4 percent. Experts attributed the growth to factors such as strong domestic demand and improved export, and moderated inflation.
The Malaysian economy is expected to expand by 4.8 percent this year.
Thailand’s growth hit 3.7 percent in the second quarter, a peak in over the past four years. Major contributors of the outcome were strong exports, fast-growth tourism and appreciation of the local currency.
Some experts forecast Thailand’s economy to grow 4 percent in 2017.