The Philippines is predicted to double its per capita gross domestic product (GDP) by 2026, IHS Global Insight Asia-Pacific Chief Economist Rajiv Biswas said.
Biswas said the robust GDP growth of the country, supported by the economic expansion in the past five years, will accelerate growth in per capita living standards in the coming years.
The economist noted that per capita GDP of the country at end-2016 is expected at around USD3,000 from USD2,500 in 2010.
In 10 years, the country’s per capita GDP is forecast to double at USD6,400.
“This is expected to unleash very rapid growth in consumer spending by the fast-growing numbers of middle class households in the Philippines over the next decade, as well as supporting strong growth in manufacturing output and construction spending,” said Biswas.
Biswas stressed IHS’ GDP projection for the Philippines to grow at a pace of 6.0 percent annually over the next three years.
For the third quarter of this year, the Philippines’ GDP grew by 7.1 percent.
“The strong third quarter GDP number was above market expectations, and signals that the Philippines will record a fifth successive year of rapid GDP growth in 2016,” the IHS economist said.
“The GDP of the Philippines in nominal US-dollar terms is projected to rise from around USD300 billion in 2016 to USD400 billion by 2019 and USD750 billion by 2026. By 2026, the Philippines is projected to become the second largest economy in ASEAN after Indonesia,” he noted.
