The Philippines’ economy is on track to become the second largest in ASEAN, according to a new Asian economic forecast released this week.
The Japan Center for Economic Research (JCER) stated that the digital transformation of the ASEAN economy will propel the Philippines’ GDP growth.
“The Philippines is expected to become the second-largest ASEAN country after Indonesia in terms of economic size,” stated the JCER report.
“The Philippines will overtake Malaysia’s GDP in 2020, Taiwan’s in 2033 and Thailand’s in 2034,” it added.
The Philippine economy continued to boom this year and remains one of the fastest growing economies in Asia as other trade-dependent countries in the region were hit hard by the ramifications of the US-China trade war. The Organisation for Economic Co-operation and Development (OECD) stated that the ramifications of the US-China trade war has caused global economic growth to erode to Great Financial Crisis levels ten years ago with the Asian region particularly hit hard.
The Philippine economy boasted a 6.2 percent growth rate in the third quarter and will likely reached between six percent to seven percent growth for the year, according to data released by Philippine Statistics Authority (PSA).
“Among the major economic sectors, services posted the fastest growth with 6.9 percent,” stated the PSA in its latest quarterly report. “Industry grew by 5.6 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 3.1 percent.”
“With the country’s projected population reaching 108.3 million in the third quarter of 2019, per capita GDP grew by 4.5 percent,” added the PSA.