Philippines to become trillion-dollar economy by 2032, says research
The Philippines is predicted to become a trillion-dollar economy by 2032, according to research agency IHS Markit. The agency, in its “Philippines Tiger Economy Still Set for Dynamic Growth” report, said the country’s economy is expected to double by 2026 amid sustained dynamic growth, with USD1tr worth of GDP by 2032. Rajiv Biswas, chief economist at IHS Markit Asia-Pacific, said the Philippines’ GDP grew more than 6% in the last seven years. Biswas said that with per capita GDP showing rapid growth since 2010, the number of middle-class households has also been growing rapidly, driving consumer market growth and pushing the country to achieve upper-middle-income status by 2022. Biswas cited buoyant performance in services exports — particularly from the IT-BPO and tourism sectors – as well as strong remittances, sustained robust electronics exports, “substantial progress” in reducing the share of government debt, and Duterte’s “Build, Build, Build” infrastructure program, as the country’s key growth drivers in recent years.
