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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 national debt of the Philippines is the total debt, or unpaid borrowed funds, carried by the national government of the Philippines. As of the end of October 2024, the total national debt of the Philippines amounts to ₱15.1889 trillion ($273.9 billion). [1]
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [30] 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.
The external debt of the Philippines rose more than 70-fold from $360 million in 1962 to US$2.3 billion in 1970 to US$17.2 billion in 1980 to $26.2 billion in 1985, [21] leaving the Philippines one of Asia's most indebted nations. [8] At the end of 1979, the ratio of debt to GDP was about the same as South Korea. [11]
The world is mired in $315 trillion of debt, according to a report from the Institute of International Finance. This global debt wave has been the biggest, fastest and most wide-ranging rise in ...
Philippines * 24 19 57 2021 Poland * 8 31 61 2021 Portugal * 5 24 71 2021 Puerto Rico * 1 12 87 2021 Qatar * 1 54 45 2021 Romania * 19 30 51 2021 Russia * 6 27 67 2021 Rwanda * 55 19 27 2021 Saint Helena * 6 48 46 1987 est. Saint Lucia * 11 16 74 2021 Saint Pierre and Miquelon * 18 41 41 1996 est.
Harsh austerity measures should help drag down this debt, as the IMF forecasts Greek debt to sink to 144% of GDP by 2018, but those same measures have driven up unemployment to an eye-popping 27%.
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