Driven by strong domestic demand, economies of developing East Asia—such as the Philippines—and Pacific continue to be an engine of global growth, growing at 7.5 percent in 2012. And that, according to the World Bank, is higher than any other region in the world

In its latest analysis of Asia and Pacific region economies, the World Bank projects that as the global economy recovers regional growth will rise moderately to 7.8 percent in 2013 and ease to 7.6 percent in 2014.