Philippines to become $2-trillion economy by 2050

The Philippines is projected to become a $2-trillion economy by 2050, driven by a young population and strategic investments. This forecast was shared by DEPDev Secretary Arsenio M. Balisacan at the Philippine Economic Dialogue. The dialogue occurred on the sidelines of the 58th ADB Annual Meeting. Balisacan highlighted that the country's current economic output is around $392 billion. He emphasized that continued growth trajectories, barring significant external shocks, will propel the Philippines to this milestone. The nation's young, tech-savvy workforce, with a median age of 27, is a key competitive advantage. The government is focusing on infrastructure development to support this growth. They aim to spend 5-6% of GDP annually on infrastructure. The government's list of flagship projects has increased to 207, valued at P9.6 trillion. These projects are designed to lower costs, promote inclusion, and build resilience across the economy. Balisacan also advocated for pursuing more free trade agreements. He said that the Philippines should be opening more FTAs with many countries. This strategy aligns with the approach of neighboring countries like Singapore. He noted that Singapore has an FTA with nearly all countries.