Vietnam and the Philippines are also set to join the ranks of the world’s largest emerging markets by 2035
S&P Global predicts that the ASEAN region is expected to remain one of the fastest-growing regions in the global economy in the next decade. Indonesia, the largest economy in ASEAN, is set to become one of the world’s leading emerging markets in the next ten years, with its GDP forecast to increase from 1.3 trillion USD in 2022 to 4.1 trillion USD by 2035.
According to S&P Global’s experts, not only Indonesia but also Vietnam and the Philippines are set to join the ranks of the world’s largest emerging markets by 2035. Meanwhile, Malaysia is projected to become one of the advanced economies in the Asia-Pacific region in terms of GDP per capita, with a per capita GDP expected to reach approximately 26,000 USD by 2035.
Was the Philippines’ GDP growth in Q2 higher or lower than Vietnam’s?
According to the latest data released by the Philippine Statistics Authority, the country’s economy expanded by 6.3% in Q2 as the government increased its spending. This growth rate exceeded the forecast in Reuters’ survey of economists and was higher than the 5.8% growth recorded in Q1/2024.
The report showed that in Q2/2024, the Philippine government’s expenditure increased by 10.7% due to infrastructure projects, defense equipment upgrades, and preparations for the upcoming midterm elections in 2025. Meanwhile, household spending, which accounts for 70-80% of the country’s GDP, grew by only 4.6% year-on-year.
Arsenio Balisacan, the Philippine Secretary of Socioeconomic Planning, stated that despite the high GDP growth rate recorded, household spending during this period “did not grow as strongly as expected” as consumers felt the impact of rising interest rates and high inflation.
Nikkei Asia noted that before releasing the quarterly data, the Philippine Statistics Authority revised the January-March growth rate to 5.8% on Wednesday, up from the previously reported 5.7%. This revision was based on upward adjustments in financial activities and wholesale and retail trade sales, along with other factors.
The average GDP growth rate of the Philippines in the past two quarters was 6%. If this pace continues, the economy may achieve the government’s target of 6-7% for the year. This implies that Vietnam is becoming one of the fastest-growing economies in Southeast Asia.
According to the latest report by the General Statistics Office on the socio-economic situation, Vietnam’s GDP in Q2/2024 is estimated to have grown by 6.93% year-on-year, slightly lower than the 7.99% growth rate in Q2/2022 during the 2020-2024 period.
The agriculture, forestry, and fishery sector grew by 3.34%, contributing 5.36% to the total added value of the economy; the industry and construction sector expanded by 8.29%, contributing 45.73%; and the service sector increased by 7.06%, contributing 48.91%.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
