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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 2025, the Philippine economy is estimated to be at ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund.
It is used to distinguish whether the country is a developed, a developing or an under-developed country, and also to measure the impact of economic policies on quality of life. Countries fall into four broad categories based on their HDI: very high, high, medium, and low human development.
The United Nations Development Programme (UNDP) compiles the Human Development Index (HDI) of 193 nations in the annual Human Development Report.The index considers the health, education, income and living conditions in a given country to provide a measure of human development which is comparable between countries and over time.
Country HDI Members Very high human development 1 Singapore: 0.825 High human development 2 Brunei: 0.727 Medium human development 3 Malaysia: 0.693 4 Thailand: 0.681 ― ASEAN (average) 0.609 5 Vietnam: 0.607 6 Philippines: 0.590 7 Indonesia: 0.588 ― World (average) 0.576 Low human development 8 Myanmar: 0.475 9 Laos: 0.466 10 Cambodia: 0. ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Country with a developed economy and infrastructure "Industrial nation" redirects here. For the magazine, see Industrialnation. Not to be confused with Developing country. For the investing classification, see Developed market. Developed countries (IMF) Developing countries (IMF) Least ...
The Philippines, [f] officially the Republic of the Philippines, [g] is an archipelagic country in Southeast Asia.In the western Pacific Ocean, it consists of 7,641 islands, with a total area of roughly 300,000 square kilometers, which are broadly categorized in three main geographical divisions from north to south: Luzon, Visayas, and Mindanao.
NICs are countries whose economies have not yet reached a developed country's status but have, in a macroeconomic sense, outpaced their developing counterparts. Such countries are still considered developing nations and only differ from other developing nations in the rate at which an NIC's growth is much higher over a shorter allotted time period compared to other developing nations. [3]
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.