Philippines poised to become the world’s 27th largest economy by 2037

The Centre for Economics and Business Research (CEBR) said the Philippines is poised to become the 27th largest economy in the world by 2037. In its World Economic League Table (WELT) 2023, the CEBR said the Philippine gross domestic product (GDP) growth is expected to average 5.3% over the next five years. The report said that between 2028 and 2037, the average rate of GDP growth will remain relatively high, at a further 5% per annum. CEBR added that the strong growth will propel the Philippines to 27th in 2037, from its 38th spot this year. It said the Philippines has benefited from a tight labour market. CEBR also noted the Philippines has a moderate level of government debt, with the public sector debt-to-GDP ratio likely to end the year at 59.3%.