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The Philippine economy is the world’s 36th largest, the 13th largest economy in Asia, and the 4th largest economy in the ASEAN region behind Indonesia, Malaysia and Thailand. As one of the fastest-growing economies in Asia, the country is amongst the so-called Tiger Cub Economies with Indonesia, Malaysia, Vietnam, and Thailand
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Asia Fund Managers
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Philippines economy
The Philippine economy is the world’s 36th largest, the 13th largest economy in Asia and the 4th largest
economy in the ASEAN region behind Indonesia, Malaysia and Thailand. As one of the fastest growing
economies in Asia the country is amongst the so-called Tiger Cub Economies with Indonesia, Malaysia,
Vietnam and Thailand.
However, the economic toll from the corona virus pandemic does not stop before the Philippine economy.
The International Monetary Fund (IMF) expects Philippines’ economic growth at a dismal 0.6 percent this
year, but also a strong recovery in 2021, with a growth rate of 7.6%.
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Thailand economy
Thailand economy did an early job in containing the corona virus outbreak and is often cited as an example of how a country can react. However, this came with a cost. Tourism is crucial to the kingdom with the industry accounting for about 20% of the country’s GDP. With the corona virus pandemic hitting global travel, tourists stayed away, hence hitting the Thai economy. According to the June 2020 World Economic Outlook by the International Monetary Fund (IMF), GDP is forecasted to contract 7.7% this year. 2021 outlook continues to depend heavily on the Covid-19 developments. The property market in Thailand has grown slowly but steadily over the last 10 years, with foreign capital partly responsible for its growth. A better economic outlook, higher take-up, and occupancy rates have also contributed to the real estate market’s successes.
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