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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.
The Philippines has been one of the most dynamic economies in the East Asia and Pacific region. Its economic dynamism reflects increasing urbanization, a large and young population, and strong consumer demand, supported by a vibrant labor market and robust remittances, which have raised the incomes of the most vulnerable.
The state of the Philippine economy across seven major sectors and themes. In the article, we explore the 2024 outlook for seven key sectors and themes, what may affect each of them in the coming year, and what could potentially unlock continued growth.
The Philippines Economic Update (PEU) summarizes key economic and social developments, important policy changes, and the evolution of external conditions over the past six months. It also presents findings from recent World Bank analyses, situating them in the context of the country’s long-term development trends and assessing
The Philippine economy grew by an average of 5.8 percent from January to September. To reach the government’s six to seven percent growth goal this year, National Economic and Development ...
The Philippines sustained its growth momentum in Q1 2024, supported by an improvement in global economic activity. Growth will increase to an average of 5.9 percent between 2024-2026, anchored on strong domestic demand and a pickup in global growth.
From the deep economic contraction last year, the Philippines is on the path to economic recovery. There are clear signs of rebounds in domestic activity, community mobility, industrial output, and recently with bank lending activities.
The Philippine economy outperformed its regional peers, growing by 6.4 percent in the first quarter of 2023. Despite weak external conditions, strong domestic demand will drive the growth of the Philippine economy this year.
Philippines Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.
The Philippines Economic Update (PEU) summarizes key economic and social developments, important policy changes, and the evolution of external conditions over the past six months. It also presents findings from recent World Bank analyses, situating them in the context of the country’s long-term development trends and assessing