Southeast Asian countries see upbeat growth in Q2

Building under construction in Manila, the Philippines (Photo: AFP/VNA)

Hanoi (VNA) – 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.

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.-VNA



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