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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2025, the Philippine economy is estimated to be at ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund.
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [13] As a newly industrialized country , [ 375 ] [ 376 ] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
Economic growth in 2020 and 2021 is forecasted to shrink to 6.1% and 6.2% (from 6.5% in both years), respectively, due to a slowdown in public investment and the current China–United States trade war. [38] Additionally, the Philippines and the World Bank have set goals for the Philippines by 2040.
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In October 2018, the World Bank downgraded the economic outlook of the Philippines for 2018, but expects it to remain strong. [17] FMIC and UA&P expect the economy to improve in the second half of 2018. [18] On October 24, the Philippines improved its ranking by 29 places in the Ease of Doing Business rankings. [19]
MANILA (Reuters) -Philippine President Ferdinand Marcos Jr. will meet U.S. Secretary of State Antony Blinken on March 19 to tackle cooperation and security matters, the office of the Manila leader ...
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