The Philippines is expected to be in the league of economic giants by 2033, according to Finance Secretary Ralph Recto.
At the Philippine Economic Briefing held in Manila yesterday, Recto said despite external challenges, the Philippines is expected to outperform Asean economies with a projected growth between 5.8 to 6.3 percent this year.
The forecast for 2025 is even higher at 5.9 to 6.5 percent, Recto said.
“This trajectory puts us firmly on course to become a trillion-dollar economy in less than a decade,” Recto said.
“This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea,” he added.
Recto also said the economy will roughly be double what it is today by 2028.
“We are expected to continue outpacing the growth of Asia’s economic powerhouses in the years to come,” Recto said.
“Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” he added.
Recto said the administration has the right policy tools and determination to take the economy there.
“We will continue bolstering growth by arresting inflation through a whole-of- government approach. Ensuring food security is our top priority,” he added.
