The Philippine economy is expected to sustain its strong growth next year and remain as one of the world’s fastest growing economies, according to Moody’s Analytics.

The Philippine media quoted Glenn Levine, Moody's senior economist, as saying that the Southeast Asian country continues to outperform and will remain one of the world’s fastest growing economies in 2014.

In a report titled "Asia Pacific Outlook 2014: Realizing Potential", Levine said that “confidence is high, and investment, both public and private, is driving the economy forward. Demand should rebound quickly after Typhoon Haiyan.”
He noted that the economy expanded by 7.4 percent in the first nine months of the year, faster than the government’s 6 to 7 percent target for the year.

The growth was attributed to strong consumer demand that continues to make up the bulk of the country’s gross domestic product (GDP), government spending, and rising investments.

Although the government and economists forecast a dip in economic output in the fourth quarter following the devastation caused by Super Typhoon Haiyan and other recent calamities, rebuilding efforts in early 2014 are expected to prop up the economy.

Thus, growth is expected to remain within the government’s target of a 6.5 to 7.5 percent range next year.

The economist said that the Philippine economy’s performance will be in line with the region’s performance as global demand picks up.-VNA