MANILA, Philippines – Amid expectations of sustained, long-term “dynamic” growth, the Philippine economy is poised to double by 2026 en route to a gross domestic product (GDP) worth $1 trillion by 2032, research firm IHS Markit said.
In a report titled “Philippines Tiger Economy Still Set for Dynamic Growth,” IHS Markit Asia-Pacific chief economist Rajiv Biswas also said that three years from now, the country will reach the upper middle-income status as robust economic growth trickles down to household incomes.
“With the Philippines having clocked up a record trade deficit of $41.4 billion in 2018, a key priority will be to make the Philippines more competitive as an investment hub for multinationals, in order to boost exports of goods and services and narrow the trade deficit,” he added.
A trade deficit meant that the country’s imports were more than its exports.
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In a report titled “Philippines Tiger Economy Still Set for Dynamic Growth,” IHS Markit Asia-Pacific chief economist Rajiv Biswas also said that three years from now, the country will reach the upper middle-income status as robust economic growth trickles down to household incomes.
“With the Philippines having clocked up a record trade deficit of $41.4 billion in 2018, a key priority will be to make the Philippines more competitive as an investment hub for multinationals, in order to boost exports of goods and services and narrow the trade deficit,” he added.
A trade deficit meant that the country’s imports were more than its exports.
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