PH to be 2nd fastest-growing economy in the world

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MANILA — The Philippines will become the second-fastest growing economy in the world this year, according to a survey of economists conducted by Bloomberg.

Second to China, the country will be one of the 57 countries included in the report to grow 6 percent more this year.

“The world is expected to grow 3.2 percent in 2015 and 3.7 percent next year after expanding 3.3 percent in each of the past two years, according to a Bloomberg survey of economists,” Bloomberg said.

“China, the Philippines, Kenya, India and Indonesia, which together make up about 16 percent of global gross domestic product, are all forecast to grow more than 5 percent in 2015,” it added.

Also in the top 5 are Kenya and Nigeria as analysts are eyeing Africa as the next fast-growing region after Asia.

Bloomberg’s report is based on the average economists’ estimates.

In terms of oil production, analysts said that the country is one of the largest beneficiaries of lower oil prices.