Asia Regional Integration Center

Economic growth declined to 6.2% in 2018 from 6.7% in 2017. On the demand side, robust private consumption growth, an accelerated increase in domestic investment, and higher government social expenditures supported economic growth. These largely offset a rapid expansion in imports and slowdown in export growth. On the supply side, services and industry propelled growth, with agriculture subdued by the crop damage caused by several typhoons. The economy is projected to expand by 6.4% in both 2019 and 2020, buoyed by private consumption and domestic investment. A low unemployment rate, sustained remittance growth, and relatively low inflation should boost private consumption. Major public infrastructure projects will drive domestic investment.