PH aims to become a high-income economy by 2045
The Philippines government is seeking to become a high-income economy by 2045, said Socioeconomic Planning Secretary Arsenio Balisacan.
During a luncheon meeting with the European Chamber of Commerce of the Philippines Balisacan explained that this goal is possible as long as the country’s economy regains its growth trajectory in the next decade and holds on to it for two more decades.
He added that the timeline for achieving high-income economy status was pushed back to 2045, from 2040 previously, reflecting the impact of economic scarring from the pandemic.
The country’s gross domestic product (GDP) expanded by 5.7% in 2021, and by 7.8% in the first half of 2022. The government targets 6.5-7.5% growth this year, and 6.5-8% annual growth for next year until 2028.
Balisacan reiterated that the Philippines is still expected to reach upper middle-income status by 2024.
However, according to the World Bank, the Philippines remained a lower middle-income economy despite a 6.12% increase in its gross national income (GNI) per capita to $3,640 last year.
The World Bank increased its income range for the upper middle-income bracket to a GNI per capita of $4,256-$13,205 this year, from $4,096-$12,695 in 2021.
