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- It is the world’s 34th largest economy and the 13th largest in Asia, with the potential for considerable further growth. It is considered a “newly industrialized” country — one whose economy is transitioning from being based on agriculture to relying more on services and manufacturing.
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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. 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 is a newly industrialised country, which only recently made the transition from an agricultural-based economy towards one based on services and manufacturing. It has a dynamic economy, highly dependent on international trade developments and capital flows.
Mar 19, 2024 · Results. The Philippines has been one of the most dynamic economies in the East Asia and Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances.
pandemic persists, developing Asia is projected to contract by 0.7% in 2020— the first regional GDP contraction since the early 1960s. Developing Asia excluding the newly industrialized economies will also contract by 0.5%. Growth is forecast to rebound to 6.8% in 2021, but this will still leave GDP next year
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Dec 8, 2023 · Overview. The Philippines is one of the most dynamic and fastest growing economies in ASEAN. Between 2013 and 2022, its economy grew at an average annual rate of 4.7%. It has transitioned from an agricultural economy to a newly industrialised country in the last few decades.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. 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.
2020. According to the Philippine Statistics Authority (PSA), the 9.5 percent GDP contraction in 2020 is the worst economic performance ever based on recorded data since 1945. Table 1. Annual Growth Rates in GNI and NPI 2019-2020 Table 2. Growth Rates by Industrial Origin, 2019-2020 Source: PSA 2012 2013 2014 2015 2016 2017 2018 2019 2020
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