Philippines overtakes Malaysia, Vietnam to become fastest growing Asean economy
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The Philippines surpassed Malaysia and Vietnam to become the fastest-growing economy in Southeast Asia last year, with a GDP growth rate of 5.6%. While this is slower than the Philippine government's target of 6-7%, it is the fastest pace in the region. Malaysia's economy, which had the highest growth rate in 2022 at 8.7%, likely slowed to 3.8% in 2023. The Philippines is confident that the economy will expand at a pace of 6.5-7.5% in 2024. However, sustaining this growth requires government intervention due to geopolitical risks and political instability. The government expects services expansion to continue driving the economy's growth trajectory.
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