London-based data firm IHS Markit reported that the Philippines is on track to become a $1-trillion economy by 2033.
According to IHS Markit chief economist for Asia Pacific Rajiv Biswas, the Philippine economy is expected to sustain its rapid growth over the next decade, with the total gross domestic product (GDP) rising from $360 billion in 2020 to $810 billion in 2030.
“By 2033, the Philippines is forecast to become one of the Asia-Pacific region’s one-trillion-dollar economies, joining mainland China, Japan, India, South Korea, Australia, Taiwan and Indonesia in this grouping of the largest economies in APAC,”Rajiv Biswas, IHS Markit chief economist for Asia Pacific
The economist also mentioned that the crucial growth driver is the rapid expansion in private consumer spending, driven by the robust growth in urban household incomes. He sees a bright economic future for the Philippines in the coming decade, with significant advances in economic development.
Biswas also stated that increasing per capita GDP and living standards will lead to a broad improvement in human development indicators over the next decade, resulting in a significant reduction in the number of people living in extreme poverty.
The Philippines’ GDP rose by 7.7% in the 4th quarter of 2021, higher than the 6.9% expansion in the previous quarter and beating the Development Budget Coordination Committee’s target of 5 to 5.5%.