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- With a GDP of $383 billion USD (2020), the Philippines is primarily considered a newly industrialized country, which has an economy in transition from one based on agriculture to one based 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 .
- Calendar year
- 109,035,343 (13th)
Dec 7, 2021 · Public spending accelerated from 23.6 percent of GDP in the first three quarters of 2020 to 24.6 percent of GDP in the same period in 2021, in line with the recovery in public investment and ongoing fiscal support.
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.
The Philippine economy, as measured by the gross domestic product (GDP), contracted by 8.3 percent in the fourth quarter of 2020 from a growth of 6.7 percent in the same period in 2019. For the whole of 2020, GDP shrank by 9.5 percent from an expansion of 6.0 percent in 2019 (Figure 1).
A series of unforeseen events caused an abrupt halt to the Philippines' strong growth momentum in early 2020. The Philippine economy carried its strong growth momentum .
As the COVID-19 pandemic continues to disrupt global economic activity, gross domestic product (GDP) forecasts have been downgraded from Asian Development Outlook 2020. The region is now expected to contract by 0.7% in 2020, the first regional recession in nearly 6 decades.
Excluding Asia’s high-income newly industrialized economies, growth will drop from 5.7% to 2.4% this year before recovering to 6.7% next year. Headline inflation accelerated in 2019 as food prices edged up but remained low by historical standards.
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