The economy of the Philippines will expand double in the next decade as earnings from overseas workers and business outsourcing surge, said a US-based think-tank.
The chief Asia-Pacific economist for IHS, Rajiv Biswas, said once a perennial economic struggler, the Southeast Asian country is poised to stage a major comeback to be one of the top three economies in the region by 2030.
The economy is able to record annual long-term growth of around 4.5 -5 percent over the 2016-2030 period. It will grow from its current level of about 280 billion USD to 680 billion USD by 2024, with a projected gross domestic product of 1.2 trillion USD by 2030, he added.
Biswas, however, also warned that in order to sustain economic growth, the Philippines needs to improve its business climate to draw more investment in tourism and manufacturing.
He cited government figures showing that despite the rapid growth, one in four citizens still live in poverty, while unemployment and underemployment remain serious problems.
The Philippines has been one of the fastest-growing economies in Asia in recent years, posting a 7.2 percent growth in 2013.-VNA
The chief Asia-Pacific economist for IHS, Rajiv Biswas, said once a perennial economic struggler, the Southeast Asian country is poised to stage a major comeback to be one of the top three economies in the region by 2030.
The economy is able to record annual long-term growth of around 4.5 -5 percent over the 2016-2030 period. It will grow from its current level of about 280 billion USD to 680 billion USD by 2024, with a projected gross domestic product of 1.2 trillion USD by 2030, he added.
Biswas, however, also warned that in order to sustain economic growth, the Philippines needs to improve its business climate to draw more investment in tourism and manufacturing.
He cited government figures showing that despite the rapid growth, one in four citizens still live in poverty, while unemployment and underemployment remain serious problems.
The Philippines has been one of the fastest-growing economies in Asia in recent years, posting a 7.2 percent growth in 2013.-VNA
