• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Philippines to become trillion-dollar economy by 2032, says research

Philippines to become trillion-dollar economy by 2032, says research

Philippines to become trillion-dollar economy by 2032, says research
Philippines to become trillion-dollar economy by 2032, says research

The Philippines is predicted to become a trillion-dollar economy by 2032, according to research agency IHS Markit. The agency, in its “Philippines Tiger Economy Still Set for Dynamic Growth” report, said the country’s economy is expected to double by 2026 amid sustained dynamic growth, with USD1tr worth of GDP by 2032. Rajiv Biswas, chief economist at IHS Markit Asia-Pacific, said the Philippines’ GDP grew more than 6% in the last seven years. Biswas said that with per capita GDP showing rapid growth since 2010, the number of middle-class households has also been growing rapidly, driving consumer market growth and pushing the country to achieve upper-middle-income status by 2022. Biswas cited buoyant performance in services exports — particularly from the IT-BPO and tourism sectors – as well as strong remittances, sustained robust electronics exports, “substantial progress” in reducing the share of government debt, and Duterte’s “Build, Build, Build” infrastructure program, as the country’s key growth drivers in recent years.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image