The Philippines has the potential to become a trillion-dollar economy by 2030 if economic reforms are sustained beyond the term of the current administration, a global think tank said in a report Thursday.
“The total size of the Philippines’s economy is projected to grow from $300 billion in 2016 to $700 billion by 2025, becoming a trillion dollar economy in US dollar terms by 2030. This will make the Philippines one of the leading emerging markets in Asia,” Rajiv Biswas, Asia-Pacific chief economist for IHS Global Insight, said in a report titled ‘Can the Philippines Tiger Economy Continue to Roar?’
He said under the current administration, the Philippines saw a rapid GDP growth averaging around 6 percent per year over 2011-2015.
“If the incoming president and the new Philippines government administration can continue to pursue economic reforms and strengthen institutional governance, then GDP growth of around 6 percent per year can be sustained over 2016-2020,” Biswas said.