How is the Philippine’s economy doing compared to other SE Asian countries?

[ASEAN NOW News]

 

The Philippines seems to be heading in the right direction with recent GDP figures showing the country second overall in the region with only Vietnam posting better increases.

 

The country’s gross domestic product (GDP) expanded by 7.4 percent in the second quarter of 2022, as the economy recovered strongly with loosened pandemic restrictions boosting economic activities.

 

In a press briefing this week, Socioeconomic Planning Secretary Arsenio Balisacan said while the second-quarter economic growth was slightly lower than the median forecast of 7.5 percent for this year, the Philippines was the second-best performing nation among the region's major emerging economies that have released their reports in 2022.

 

Balisacan said the country was next to Vietnam’s 7.7 percent, but faster than Indonesia’s 5.4 percent and China’s 0.4 percent.

 

The GDP growth rate for the January to March period has been revised to 8.2 percent. It averaged 7.8 percent in the first half of the year. The economy posted a 5.9-percent pre-pandemic growth in 2019.

 

5^th in 2020

These were the 2020 figures according to data supplied by Southeast Asia (SEA)

 

Rank	Country	2020 GDP (PPP) billions of USD
1	Indonesia	$3,328
2	Thailand	$1,261
3	Vietnam	$1,047
4	Malaysia	$988
5	Philippines	$933
6	Singapore	$578
7	Myanmar	$275
8	Cambodia	$74
9	Laos	$59
10	Brunei	$28
11	Timor-Leste	$5
	Total	$8,493

 

The economy of the Philippines is the world's 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand.

 

The Philippines is ranked 84^th in the world according to the Legatum Prosperity Index 2021.

 

Worldwide gross domestic product in 2021 was at about 12.259 US Dollar per capita.

 

In contrast, the GDP in the Philippines reached 3.549 US dollars per inhabitant, or 394.09 bn US Dollar in the whole country.

 

The Philippines is therefore currently ranked 36 of the major economies.

 

The top country is surprisingly Guyana. And with the war in Ukraine and oil prices at a 10-year high, this year Guyana is still set to maintain its status as the world's fastest-growing economy for the third year in a row, with a GDP growth rate of over 47%.