US-based global think tank IHS says the Philippines is on track to becoming a trillion-dollar “tiger” economy if government continues its economic reforms. It is projected that the country can grow gross domestic product (GDP) by 4.5% to 5% from 2016 to 2030.
Among the expected growth drivers are the information technology business process outsourcing (IT-BPO) sector (US$13.3 billion revenues in 2013) and the overseas Filipino workers’ (OFWs’) remittances, which reached US$25B last year.
To achieve the transformation from “pussycat” to “tiger”, however, the government has to address several challenges: improving the country’s ease of doing business and competitiveness to encourage greater foreign and domestic investments in the manufacturing and tourism industries, the need for further fiscal consolidation, and minimizing poverty and unemployment.
As proof of the Philippines’ promising economic status, the World Economic Forum is taking place in Manila from May 21 to 23.
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