Philippines, Indonesia: Asia’s economic stars

Owing to their impressive economic growth, the Philippines and Indonesia are considered Asia’s rising economic stars. The two Southeast Asian neighbors have defied global economic trends, recording impressive growth rates, hitting historic highs in their stock markets, and attracting foreign direct investments. Business news site Market Watch branded the two countries as “the new tigers” or economies “poised to drive future growth and grab more economic power.” World-renowned economist Nouriel Roubini said he favored the Philippines and Indonesia over China and India, Asia’s other economic powerhouses. The Philippine economy grew 6.6% in 2012, going beyond government’s 5%-6% target. It also registered a 6.8% growth in the 4^th quarter. In the 3^rd quarter, it hit a growth rate of 7.1% as compared to Indonesia’s 6.2%. At the Philippine Investment Summit, Roubini said an investment grade for the Philippines is “certainly warranted.” Such a grade will encourage more investments and support economic growth.

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