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The Philippines will likely graduate to upper-middle income economy status later than the government’s target of hitting it by 2025, according to a senior economist at the World Bank.“We do expect that the Philippines at its current growth rates is expected to cross the threshold in the next few years… it could be in the next, say, two to three years,” World Bank senior economist for the Philippines Ralph Van Doorn told reporters at a press briefing in Taguig City on Tuesday.
For the current fiscal year 2024, the World Bank classifies low-income economies as those with a GNI per capita of $1,135 or less in 2022; lower middle-income economies are those with a GNI per capita between $1,136 and $4,465; upper middle-income economies are those with a GNI per capita between $4,466 and $13,845; high-income economies are those with a GNI per capita of $13,845 or more.
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