PH poised to reach upper middle-income status in 2023
The Philippines is “likely” to achieve an upper middle-income status by next year, given the solid Q1 growth and the economic reforms implemented, said Socioeconomic Planning Secretary Karl Kendrick Chua.
In an interview with ABS-CBN News Channel (ANC), Chua said that the country is experiencing “one of the biggest bounce backs in the entire world” despite the COVID-19 pandemic.
In recent data released by the Philippines Statistics Authority (PSA), the Philippine economy expanded by 8.3% year-on-year from January to March, a massive turnaround from the 3.8% contraction in the same period last year.
Chua said the economy needs to grow by 6.6% in the next three quarters to achieve the full-year target.
Confident of its possibility, he explained that “the bulk of the growth is going to come from domestic demand” and a robust economic rebound.
The Philippines originally expected to hit the upper middle-income status by 2022, but the pandemic derailed this target.
Related news
- PH e-commerce market to hit P500Mn by 2025 · 16 May
- BPOs to benefit from weakening peso — Moody’s analyst · 29 Jun
- College grads unequipped for BPO industry — BOI survey · 17 May
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
