Philippines ranks 4th among world's fastest growing economy
Philippines is one of the best performing economies in 2015 according to the latest estimate from CNN Money, ranking 4th in the world just behind India, Qatar and China. The CNN Money data estimated the Philippine economy growth for 2015. However, this is still higher that the International Monetary Fund (IMF) estimate of 6.3% early this year.
Ahead of the pack are India with a remarkable 7.5% economic growth; followed by Qatar (7.1%) and China (6.8%). Trailing behind the Philippines is Bangladesh with 6.3% at 5th spot and Vietnam not far behind with 6%. Aside from the Philippines and Vietnam, ASEAN countries such as Indonesia and Malaysia also joins the list at 7th and 8th place with 5.2% and 4.8% , respectively.
Rounding up the top ten are two African nations - Nigeria at 9th with 4.8% and Angola with 4.5% projected growth. In February, the Philippines was ranked 2nd among world's fastest growing economy by Bloomberg magazine behind China. However, the scenario, according to CNN Money, is expected to change in 2016 with the Philippine sliding down a bit to 6th place with 6.3% predicted growth.
The whole pack will be overtaken by Iraq next year with its economy expected to grow by as much as 7.6% to lead all countries in the world. Now leading India will slip back to 2nd place with 7.5%.
Meanwhile, the price of land at Makati’s central business district (CBD) rose by more than a quarter over the past year to match in nominal terms the record-highs reached before the 1997 crash, the Bangko Sentral ng Pilipinas (BSP) said.
In a report, the BSP said land values in Makati City, the country’s economic center, rose by 25.4 percent year-on-year to reach P443,750 per square meter at the end of March 2015. Quarter-on-quarter, implied prices were up 0.9 percent.
Similarly, implied values in the Ortigas Center rose by 1.9 percent quarter-on-quarter and 10.3 percent year-on-year to P161,500 per sqm of land, the BSP said, citing data from consulting firm Colliers International.
Nominal figures are the actual prices in 1997. Real terms, on the other hand, are these prices adjusted for inflation. Land values in the Makati CBD were slightly above their 1997 levels in nominal terms,” the BSP said, but added that prices were only about 45.9 percent of their 1997 levels when adjusted for inflation. Meanwhile, land values in the Ortigas Center were about 82.8 percent of their 1997 level in nominal terms and 36.4 percent in real terms.
Despite rising land and rent costs, the BSP said demand for office and home space remained strong. The average office vacancy rate in the Makati CBD was broadly stable at 2.2 percent in the first quarter relative to the quarter-ago level of 4.2 percent.
for more infos read: CNN Money
for more infos read: Inquirer
