From the title ‘Sick Man of Asia’ to the ‘Rising Tiger of Asia’, the Philippines has revamped its reputation because of the stability of macroeconomics, and improving fiscal situation of the economy.
In a report by the PricewaterhouseCoopers (PwC), the Philippines is seen to be one of the 32 most powerful economies in the world by 2050. Using the Purchasing Power Parity (PPP), PwC ranked 32 countries by their projected global gross domestic product.
Ranked 19, the Philippines is foreseen to have a purchasing power of $3.334 trillion. The PPP determines the economic productivity and standards of living among countries across a certain time period.
Despite controversies under the Duterte administration, the Philippine economy is considered as the 10th fastest growing economy in the world in 2017. In the latest Global Economic Prospects by the World Bank, the Philippines’ economy is expected to advance 6.5 to 7.5 percent, which is almost twice the country’s long-term growth.
The report by PwC shows that many of the world’s current powerhouse economies like Japan and Germany will have slipped down, which will be replaced by countries with emerging markets such as India and Indonesia.
Check out the ranking below:
32. Netherlands — $1.496 trillion.
31. Colombia — $2.074 trillion.
30. Poland — $2.103 trillion.
29. Argentina — $2.365 trillion.
28. Australia — $2.564 trillion.
27. South Africa — $2.570 trillion.
26. Spain — $2.732 trillion.
25. Thailand — $2.782 trillion.
24. Malaysia — $2.815 trillion.
23. Bangladesh — $3.064 trillion.
22. Canada — $3.1 trillion.
21. Italy — $3.115 trillion.
20. Vietnam — $3.176 trillion.
19. Philippines — $3.334 trillion.
18. South Korea — $3.539 trillion.
17. Iran — $3.900 trillion.
16. Pakistan — $4.236 trillion.
15. Egypt — $4.333 trillion.
14. Nigeria — $4.348 trillion.
13. Saudi Arabia — $4.694 trillion.
12. France — $4.705 trillion.
11. Turkey — $5.184 trillion.
10. United Kingdom — $5.369 trillion.
9. Germany — $6.138 trillion.
8. Japan — $6.779 trillion.
7. Mexico — $6.863 trillion.
6. Russia — $7.131 trillion.
5. Brazil — $7.540 trillion.
4. Indonesia — $10.502 trillion.
3. United States — $34.102 trillion.
2. India — $44.128 trillion.
1. China — $58.499 trillion.
