ASEAN-6 ECONOMY: 🇵🇭 PH Leading Economy in 2023, 2nd Largest Economy by 2028

Summary

The Philippines leads Southeast Asia's economic growth at 5.6% in 2023, with Vietnam and Indonesia following. The region anticipates continued expansion, with the Philippines projected to be the 18th largest economy by 2050. Southeast Asia's GDP, led by Indonesia, is expected to quintuple by 2040, with the Philippines and Thailand joining the trillion-dollar economy club. Vietnam and Malaysia also show robust growth, despite near-term risks, while Thailand's recovery in tourism boosts its economy. Indonesia's growth is supported by private consumption and exports, aiming for the top 10 global economies by 2030.

Takeaways

• 📈 The Philippines is the fastest-growing economy in Southeast Asia, expanding by 5.6% in 2023.
• 🌟 Vietnam and Indonesia follow with growth rates of 5.05% and 5.04% respectively in Q4 2023.
• 📊 Malaysia and Singapore show moderate growth at 3.8% and 2.8%, while Thailand is estimated at 2.4%.
• 🔮 The Asian Development Bank (ADB) forecasts a 6.2% growth for the Philippines in 2024, leading the region.
• 🏆 Indonesia leads in nominal GDP in Southeast Asia at $1.4 trillion, followed by Thailand and Singapore.
• 🚀 Goldman Sachs predicts the Philippines to be the 14th largest economy by 2075, surpassing France.
• 🌐 Southeast Asia's GDP is expected to increase, with the Philippines and Thailand joining the trillion-dollar economy club by 2033 and 2036 respectively.
• 💼 The IT-BPM industry and remittances from overseas Filipino workers contribute significantly to the Philippine economy.
• 🌿 Emerging economies, especially in Asia, are projected to grow faster than developed ones, impacting global economic rankings.
• 🌟 Vietnam's economy is projected to grow rapidly, with a focus on low-cost manufacturing and expanding industry sectors.

Q & A

Which country is currently the fastest growing economy in Southeast Asia according to the latest official data?

The Philippines is the fastest growing economy in Southeast Asia, expanding by 5.6% in 2023.

What is the projected GDP growth rate for the Philippines in 2024 according to the Asian Development Bank (ADB)?

The ADB has retained its growth forecast for the Philippines at 6.2% for the year 2024.

Which Southeast Asian country is expected to have the highest nominal GDP in the near future?

Indonesia is projected to have the highest nominal GDP in Southeast Asia, with a GDP nominal of $1.4 trillion.

What is the projected ranking of the Philippines in the world's largest economies by 2075 according to Goldman Sachs?

Goldman Sachs forecasts the Philippines to be the 14th largest economy in the world by 2075, surpassing France.

How much of the Philippines' GDP is contributed by the IT-BPM industry and services provided by overseas Filipino workers?

The IT-BPM industry and services provided by overseas Filipino workers constitute almost 20% of the Philippines' GDP.

What is the projected average growth rate for the Philippines between 2024 and 2030 among emerging markets in East and Southeast Asia?

The Philippines is projected to have the highest average growth rate of 6% among emerging markets in East and Southeast Asia between 2024 and 2030.

What is the current nominal GDP of the Philippines, and what is its projected ranking in the Southeast Asian region by 2027?

The current nominal GDP of the Philippines is $435.603 billion, and it is projected to become the third largest economy in Southeast Asia by 2027, surpassing Singapore.

What is the projected GDP growth rate for Vietnam in the next decade?

Vietnam's total GDP is forecast to increase rapidly, with strong economic expansion projected over the next decade, growing at a pace of around 6.7% per year over 2024 to 2026.

What challenges does Thailand face that could impact its long-term economic growth?

Thailand faces the challenge of a rapidly aging population, which will result in rising health care and social welfare costs, potentially impacting its long-term economic growth.

What is the projected GDP growth rate for Indonesia in 2023, and what factors are expected to support this growth?

Indonesia's GDP growth is projected to moderate to 4.9% in 2023, supported by private consumption as inflationary pressures subside.