How is the Philippines Growing its Economy ? / Philippines Economy 2023

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The Philippines economy grew at a pace of 7.6% in 2022, the fastest rate of economic growth recorded by the Philippines since 1976. With strong growth forecast over the medium-term outlook, the size of Philippines GDP measured in US Dollar nominal terms is set to reach USD one trillion by 2033.
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This will make the Philippines one of the largest emerging markets in the Asia-Pacific as well as a leading emerging market globally. Average annual GDP per person has also risen dramatically over the past two decades, from below USD 1,000 per person in 2000 to USD 3,500 by 2022 and is projected to rise above USD 6,000 per person by 2030.
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Philippines Economic Outlook
Despite the impact of the COVID-19 Delta wave in the second half of 2021, GDP growth for calendar 2021 rebounded to 5.6% y/y. Strong growth momentum has continued in 2022, at a pace of over 7.6% y/y. Easing of pandemic-related travel restrictions during 2022 has also allowed a gradual reopening of domestic and international tourism travel. If sustained during 2023, this would provide an important boost to the economy. Prior to the pandemic, in 2019, gross direct tourism value added as a share of GDP was estimated at 12.7% of GDP, including both international and domestic tourism spending. International tourism spending was estimated at Peso 549 billion, while domestic tourism spending was estimated at Peso 3.1 trillion. Due to the importance of domestic tourism in the overall contribution of tourism to GDP, the recovery of domestic tourism could be a significant growth driver in 2023.
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The near-term outlook for 2023 is for continued firm economic expansion. The latest S&P Global Philippines Manufacturing PMI survey results for March 2023 continue to signal expansionary conditions for manufacturing output and new orders. Sustained remittance inflows from workers abroad, fast-growing IT-BPO sector exports and the recovery of the tourism sector are also expected to support economic growth momentum during 2023.
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According to the IT and Business Process Association of the Philippines, total IT-BPO headcount in the Philippines reached 1.57 million in 2022 with revenues for the sector rising to USD 32.5 billion.
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The long-term outlook for the IT-BPO sector in the Philippines is for continued high growth, helped by key competitive advantages of a well-educated workforce and English language proficiency.
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Continued rapid GDP growth of around 5.8% y/y is expected in 2023, helped by sustained strong private consumption spending, an upturn in government infrastructure spending and improving remittance inflows.
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The Philippines economy is forecast to continue to grow rapidly, with total GDP doubling from USD 400 billion in 2022 to USD 800 billion in 2030. A key growth driver will be rapid growth in private consumption spending, buoyed by strong growth in urban household incomes.
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By 2033, the Philippines is forecast to become one of the Asia-Pacific region's small group of one trillion-dollar economies, joining mainland China, Japan, India, South Korea, Australia, Taiwan and Indonesia in this grouping of the largest economies in APAC. This strong growth in the size of the Philippines economy is also expected to drive rapidly rising per capita GDP, from USD 3,500 in 2022 to USD 6,200 by 2030. This will help to underpin the growth of the Philippines domestic consumer market, catalysing foreign and domestic investment into many sectors of the Philippines economy.
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Consequently, the outlook for the Philippines economy over the next decade is very favourable, with significant progress in economic development expected. In 2021, the Family Income and Expenditure Survey of the Philippines government indicated that 20 million people, or around 18.1% of the total population, still live below the poverty threshold. Rapidly rising per capita GDP and standards of living will help to underpin a broad improvement in human development indicators and should deliver a significant reduction in the share of the population living in extreme poverty over the decade ahead.
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tags; #philippines #philippineseconomy #philippine #gdp #gdppercapita #economy #économies #economic #gdp2023 #nominalgdp #economy2023 #economics #economies
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