The Philippines would outperform many of its neighbors this year, with growth projected at 3.3 percent except the neighboring Indonesia.
It is a very interesting for Southeast Asia since they are seeing a reversal of role for most ASEAN member countries.
They are seeing that the hardest hit with the Global Economic Crisis will be Singapore and Malaysia which is mostly viewed as the most stable among the bloc.
Singapore is expected to suffer the largest swing in its economy, with a 4.4 percent contraction expected in 2009 compared with a 1.2 percent expansion in 2008.
Indonesia is expected to grow 3.9 percent which is “not too bad” considering the state of the global economy.
Philippines has been branded the sick man of Asia because of its relatively slow growth in recent years. But this time around, the country would keep within its growth range despite the slowdown that would result from the global recession.
“Indonesia and the Philippines, traditionally less stable, will slow, but chances of recession are low.” Consumer spending would be one of the strongest drivers for it's economic growth.
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. `
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