Philippine Economy to Hit $1.2 Trillion by 2030 According to IHS

According to the latest report posted by IHS, a leading provider of global market and economic information, the Philippine economy is projected to hit $1.2 trillion in 16 years or by the year 2030.

Philippine Economic Growth

Rajiv Biswas, Asia-Pacific chief of economist at IHS was quoted as saying “The Philippines economy has undergone a remarkable transition from a pussycat into a tiger economy over the last decade,” Rajiv Biswas noted in a statement.

The IHS revealed that the Philippine economy has a capacity for long-term economic growth of around 4.5% to 5% a year between 2016 to 20130. During previous years particularly in the year 2013, the Philippine economy grew by 7.2 percent, one of the fastest in the Asian region.

According to the report by the IHS, the growth of the Philippines will transform the economy from its current $280 billion economy to a $680 billion economy by the year 2014, with a projected GDP of $1.2 trillion by 2030.

The IHS also projected that the GDP per Filipino will rise to $5,800 (around P254,000) from around $2,800 (around P122,000) this year.

The country’s economy according to the study will be driven by the IT-business process outsourcing (IT-BPO) sector and continued strong flow of remittances from overseas Filipino workers (OFW).

The Philippines relied mostly from the dollar remittances of OFW’s last year, the OFW remittances reached a staggering $25 billion while the IT-BPO sector’s export revenue more than doubled between 2008 and 2013 hitting a record-breaking $13.3 billion.

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