Philippines BEST-PERFORMING Economy in Southeast Asia | Quarter 1 2024

In the first quarter of 2024, the actual economic performance among the major economies in the region remain strong, with the Philippines leading the ASEAN economy expanding by 5.7%. Followed closely by Vietnam in advance estimate expanding by 5 point 66%. Indonesia, the largest economy in the region, maintains its growth trajectory of 5 point 11%. Malaysia’s economy rebounded in the first quarter, expanding by 4.2%. Singapore’s economy remains Shakey with minimal growth of 2.7%. While Thailand economy is expected to expand this quarter between 2.5 to 2.7%.
The Philippines 5.7% first quarter growth also surpass its neighboring East Asian country, with China expanding by only 5.3%, South Korea by 3.4% and Japan contracted by 0.5%.
The near-term economic outlook for the Southeast Asia Nations in 2024 remains positive, supported by the continued expansion of domestic demand in a number of large Southeast Asian economies. Foreign direct investment inflows are also expected to remain strong, as multinationals continue to diversify their manufacturing supply chains towards Southeast Asian industrialized nations.
Developing and emerging economies in Asia and the Pacific are forecast to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism. Stronger growth in Asia—fueled by both domestic demand and exports—is offsetting a slowdown in the People’s Republic of China caused by weakness in the property market and subdued consumption.
On the report Issued by International Monetary Fund, the Philippines is expected to outpace its neighboring Asean nations growing by 6.2%, followed by Vietnam expected to grow by 5.8%, Indonesia growing by 5%, Malaysia at 4.4%, Thailand at 2.1% and Singapore growing by 2.1%.
According to Asian development bank Outlook for 2024, the Philippines and Vietnam will be the growth leader expanding by 6% this year. Followed by Indonesia with 5%, Malaysia by 4.5%, Thailand growing by 2.6% and Singapore with minimal growth of 2.4%. The same trend was also seen for 2025, which still growth will be headed by the Philippines and Vietnam by 6.2%.


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