The Philippines posted weaker-than-expected first quarter growth, but Southeast Asia’s ‘rising star’ economy is still rising, analysts say.
Gross domestic product (GDP) expanded 5.7 percent from January to March, official data showed Thursday, below expectations for a 6.3 percent rise and marking the first sub-6 percent growth rate in nine quarters.
But analysts don’t believe growth momentum has been derailed. “Overall, the Philippines remains the bright spot in Asia. We expect GDP to gain momentum in the next quarters. The upside risk is that reconstruction activities may give a stronger impetus to growth and compensate Q1 under performance,” Cynthia Jane Kalasopatan of Singapore’s Mizuho Bank told CNBC.
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