The most recent World Bank East Asia and the Pacific Economic Update: Growing Challenges predicts that the Philippines and Vietnam among the larger developing ASEAN economies enjoy the strongest growth prospects. The study suggests that for the Philippines growth will benefit from accelerated implementation of the existing pipeline of public-private partnership projects, relatively diversified export markets, and lower global commodity prices. It cautions, however, the report argues that the medium-term growth outlook hinges on whether private investment reemerges as a driver of growth. The report argues that Vietnam will see continued strong growth in domestic demand and manufacturing exports but identifies risks associated with fiscal pressures and relatively slow progress on structural reforms. With respect to the other ASEAN countries, growth in Indonesia is expected to accelerate, but is contingent on the implementation of an ambitious public investment program, and the success of reforms to reduce red tape and uncertainty. In Malaysia, weaker demand from China and low commodity prices will constrain growth and public spending. In Thailand, weaker external demand and policy uncertainty continue to weigh on private investment.