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Friday, June 14, 2024

PH seen becoming 13th biggest market by 2030

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The Philippines is seen becoming the world’s 13th biggest consumer market by 2030, fueled by a growing middle class, Finance Secretary Ralph Recto said Monday.

Recto said more Filipinos are engaged in the formal and stable jobs, an indication of an expanding middle class and reinforcing the Philippines’ path towards becoming an upper-middle-income country next year.

“This expansion is seen to rapidly raise the country’s average income per person, nearly doubling from $3,541 last year to $6,500 by 2030,” Recto said during the Philippine Economic Briefing.

“As a result, the Philippines is expected to become the world’s 13th-largest consumer market by 2030, offering vast opportunities for local and foreign businesses,” Recto said.

The Finance chief said the Philippine economic outlook is the brightest it has ever been. The Philippines has consistently become the brightest star in the Association of Southeast Asian Nations (ASEAN), with the fastest growth in recent years.

“Despite external challenges, we are expected to outperform ASEAN economies with a projected growth between 5.8 to 6.3 percent in 2024. The forecast for 2025 is even higher at 5.9 to 6.5 percent,” Recto said.

He said this trajectory puts the Philippines firmly on course to become a trillion-dollar economy in less than a decade.

“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,” Recto said.

“And we are expected to continue outpacing the growth of Asia’s economic powerhouses in the years to come. Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” he said.

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