THE PHILIPPINES is poised to become the 27th largest economy in the world by 2037, as gross domestic product (GDP) growth is expected to average 5% over the next 15 years, a report showed.
The Philippine economy shrank by 9.6% in 2020 due to the pandemic, but bounced back with a 5.7% growth last year. CEBR gave a 6.5% Philippine growth forecast for 2022, within the government’s 6.5-7.5% target.
In October, the employment rate rose to 95.5%, slightly up from 95% in September and 92.6% in the same month a year ago, as the economy further reopened. Sought for comment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said it is achievable for the Philippines to become the 27“Yes, achievable, the foundation of which is the demographic sweet spot/demographic dividend or majority of the country’s 110 million population already at working age,” he said in a phone message.
When these countries reached the demographic sweet spot, Mr. Ricafort said they experienced strong economic growth of at least 6%-7% over the next 10 or so years.The Philippine population is a major factor in driving economic growth.largest population at more than 110 million, coupled with the majority of the population already at working age, could lead to increased incomes and spending power that could lead to faster economic growth,” Mr. Ricafort said.
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