A report from BMI Research suggests that the Philippines has the potential to become one of the top 20 economies in the world within the next 30 years. This is due to its large population and rapidly growing industries like manufacturing. BMI predicts a major reshuffle in the global economic rankings starting in the 2030s, with emerging economies like the Philippines challenging developed nations.
In particular, BMI forecasts that China will overtake the United States as the top economy by 2027 and will continue to outpace the US significantly by 2050. India is also expected to rise through the ranks, surpassing Japan to become the third-largest economy by 2035. BMI is optimistic about other countries as well, including Bangladesh, Indonesia, Vietnam, and the Philippines, which all have growing populations and are developing high-value sectors like manufacturing.
Philippines’ Economic Outlook
BMI projects that the Philippines will be the 18th-largest economy in the world by 2050, sharing the same ranking as Russia and each accounting for 2.3% of global wealth. Currently, the Philippines is ranked 38th with a domestic economy valued at $394 billion, while Russia holds the 11th spot with $1.8 trillion. In 2021, the Philippines contributed 0.4% to the global output, while Russia contributed 1.8%. However, BMI expects Russia, Brazil, and Mexico to experience relative economic decline over the forecast period, while the Philippines catches up to become a global economic power by mid-century.
It’s important to note that these predictions come with significant risks, given the long time horizon and the possibility of unforeseen changes. The forecasts are based on population projections by the United Nations and BMI’s expectations of economic growth drivers in the 2020s and 2030s.
Overall, BMI’s report highlights the Philippines’ potential for economic growth and its position as one of the emerging economies to watch in the coming decades.
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