Building under construction in Manila, the Philippines (Photo: AFP/VNA) Hanoi (VNA) – Southeast Asian nations have updated their economic growth in thesecond quarter of 2017 with encouraging figures, despite the impact of risingUS trade protectionism, higher US interest rates, and an expected slowdown inChina's economy.
The Philippineeconomy grew 6.5 percent in the period thanks to its effective public spendingon infrastructure projects and good recovery of local agriculture. Thecountry’s GDP inched up 0.1 percentage point compared to the figure in thefirst quarter.
The Philippineeconomy is on track to meet its 2017 growth target of 7.5 percent, said SocioeconomicPlanning Secretary Ernesto Pernia.
Malaysia’seconomy, meanwhile, expanded 5.8 percent year-on-year in the second quarter of2017, the highest level in the past two years and above market expectations of5.4 percent. Experts attributed the growth to factors such as strong domesticdemand and improved export, and moderated inflation.
The Malaysianeconomy is expected to expand by 4.8 percent this year.
Thailand’sgrowth hit 3.7 percent in the second quarter, a peak in over the past fouryears. Major contributors of the outcome were strong exports, fast-growthtourism and appreciation of the local currency.
Some expertsforecast Thailand’s economy to grow 4 percent in 2017.-VNA
VNA
