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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
Previously, the Philippines was seen as a trading post for international trade but in the nineteenth century it was developed both as a source of raw materials and as a market for manufactured goods. The economy of the Philippines rose rapidly and its local industries developed to satisfy the rising demands of an industrializing Europe.
Additionally, the Philippines and the World Bank have set goals for the Philippines by 2040. By that time, the Philippines wants to be free from poverty and sustain a prosperous middle class. [39] In order to do so, the World Bank estimates that income per capita must triple by way of having its economy grow at an average annual rate of 6.5%. [40]
The World Bank noted that growth has been decelerating for years in the developing world – from a robust average of 5.9% a year in the 2000s to 5.1% in the 2010s to just 3.5% in the 2020s.
According to World Bank Country Director Motoo Konishi, the Philippines had become a "rising tiger" in East Asia. However, at the same time, during the 2010–2011 fiscal year, the increase in the wealth of the richest families in the Philippines, amounting to 47.39%, comprised 76.5% of the GDP increase for that year. [ 4 ]
The Philippines need not even commit its own troops to such a war to act as a deterrent, Heydarian explains. It can significantly change the calculus for China by simply keeping a close eye on ...
The latest flare-up between China and the Philippines in the South China Sea, one of the world’s busiest trade routes, comes after Marcos decided earlier this year to allow an expansion of the U ...
Since its creation in 1995, the World Trade Organization (WTO) has worked to maintain and develop international trade. As one of the largest international economic organizations (alongside the International Monetary Fund (IMF) and the World Bank ), it has strong influence and control over trading rules and agreements, and thus has the ability ...