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ASEAN Asia Economy Philippines Southeast Asia

Global Economic Ranking Facing “Major Reshuffle”

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According to BMI Research’s report, the Philippines could join the world’s 20 biggest economies in value in less than three decades thanks to its large population and fast-improving industries.

BMI expects the Philippines to be the world’s 18th-largest economy in 2050, tied with Russia, each accounting for 2.3% of global wealth.

Based on data as of 2021, the World Bank places the Philippines at 38th place with the domestic economy valued at $394 billion.

The Fitch Group subsidiary also says the global ranking of economies is primed for a “major reshuffle” starting in the 2030s. It sees China overtaking the United States at the top spot in 2027 and outgrowing the US “by a large margin” by 2050.

India is expected to get a more significant share of the global economy as well. Currently ranked fifth-largest, the South Asian behemoth is seen leapfrogging to third place in 2035.

“We are particularly optimistic about Bangladesh, Indonesia, Vietnam, and the Philippines, all of which have growing populations and are rapidly developing high value-added sectors, such as manufacturing,” BMI concludes.

Read the original news HERE.

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