The IMF expects real GDP to grow about 6.4% per annum on average over the five years to 2024. The Philippines' young and growing population and large remittance inflows supports private consumption. Ongoing expansion in the business process outsourcing industry and tourism should contribute to growth in the services sector. Strong domestic demand provides a buffer against external shocks, such as those posed by cyclical swings in global trade and commodities prices. Beyond the next few years, robust economic prospects remain supported by favourable demographics, strong human capital and the government’s infrastructure push through its “Build, Build, Build” development initiative.
Per capita incomes in the Philippines rose 50% in the ten years to 2018. The IMF projects GDP per capita to rise about 50% over the next five years to exceed US$4,500, consistent with the strong growth outlook. Overseas Filipinos' remittance income, which accounts for about 10% of the Philippine economy, will continue to support household incomes and domestic consumption.