The Philippines can grow into a US$2 trillion economy, says WEF

The Philippines reportedly has the potential to become a US$2 trillion economy over the next decade. This is if investments in key sectors such as education and infrastructure are sustained, according to the World Economic Forum (WEF). 

If realised, the Philippines will reportedly be comparable with the size of Canada, Italy and Brazil today. 

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According to Philippine Daily Inquirer, WEF president Børge Brende said at a press conference that the WEF is bullish on the Philippines, provided the reforms do continue. He reportedly added that the country's economy is closer to a trillion and if the country achieves a seven to eight per cent growth, the Philippines could realise the projection of US$2 trillion and see its economy expand from its current size of about US$380 billion. 

Brende reportedly added that the Philippines has shown resilience in the face of headwinds at home and abroad. This, coupled with a sound fiscal policy of the government, made the country more attractive to foreign investors. 

The WEF president reportedly said that the Philippines should take advantage of the shifting supply chains brought by geopolitical risks. This is especially since geopolitical risks tend to send investors to consider new markets to set up their businesses.  

He also reportedly urged the government to get rid of unnecessary red tape and create the right investments for future growth. 

Separately, S&P Global, an American publicly traded corporation that provides essential intelligence, reportedly forecasts the Philippines to become one of the small club of economies in Asia-Pacific exceeding US$1 trillion in size by 2033. 

If realised, Philippines will be joining China, Japan, India, South Korea, Australia, Taiwan and Indonesia in achieving that milestone. 

In 2023, the Philippines' local economy reportedly grew 5.6% year on year. It was slower than the 7.6% expansion in 2022 and failed to hit the Marcos administration's growth target of 6 to 7%. 

Socioeconomic planning secretary Arsenio Balisacan reportedly told media that while the growth is below the administration's target, it still kept the Philippines in the position as one of the best performing economies in the region. 

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