International Finance

Philippine economy to triple by 2033, says country’s Finance Secretary

IFM_Philippines Economy
Going forward, the Philippines is predicted to continue growing faster than the economic superpowers in the Asian region

According to Finance Secretary Ralph Recto, the Philippine economy is predicted to triple by 2033, placing it in the same league as China, Japan, India, and South Korea.

Recto stated that the country will outperform economies in the ASEAN region despite external challenges, with a projected growth rate between 5.8% and 6.3% in 2024. This was stated during the Philippine Economic Briefing in Manila. Even more optimistically, a 5.9% to 6.5% forecast is provided for 2025.

“This trajectory puts us firmly on course to become a trillion-dollar economy in less than a decade. This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea,” Recto said, as reported by Zawya.

Going forward, the Philippines is predicted to continue growing faster than the economic superpowers in the Asian region.

“Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” Recto noted further.

The objective is achievable with the appropriate policy instruments and the government’s growth-promoting initiatives.

“We will continue bolstering growth by arresting inflation through a whole-of-government approach. Ensuring food security is our top priority,” he said.

According to the most recent data available from the Philippine Statistics Authority, the economy grew by 5.7% in the first quarter, which was slightly faster than the 5.5% growth in the fourth quarter but still fell short of the government’s target range of 6% to 7%.

Recto also mentioned that a growing number of Filipinos, who make up the majority of the labour force in the nation, are employed in formal, steady jobs.

“This is an indication of an expanding middle class and reinforces the Philippines’ path towards becoming an upper-middle-income country next year,” he said.

He stated that this growth will raise the average annual income per person in the country, almost doubling to USD 6,500 by 2030 from USD 3,541 in the previous year.

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