Philippines Country profile

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April 2019

The Philippines was the 40th largest economy in 2018, and the 5 th largest economy in ASEAN after Indonesia, Thailand, Malaysia and Singapore. Economic growth in the Philippines has averaged above 6% p.a. since 2010, cementing it as one of Asia’s fastest growing economies. The Philippines is projected to be the globe’s 19th largest economy by 2050, an improvement of over 20 places. It outperforms on measures of creditworthiness and economic growth, but it still lags other emerging Asian economies on measures of per capita income and business climate.

Figure
This chart is a cobweb diagram showing how a country measures up on four important dimensions of economic performance—per capita income, annual GDP growth, business climate and creditworthiness. Per capita income is in current US dollars between 2018 and 2023 as provided by the IMF. Annual GDP growth is the average between 2018 and 2023. Business climate is measured by the World Bank’s Ease of Doing Business ranking of 190 countries. Creditworthiness attempts to measure a country’s ability to honour its external debt obligations and is measured by its OECD country credit risk rating. The chart shows not only how a country performs on the four dimensions, but how it measures up against other comparable countries.