The Philippines Is Projected to Be the Second Fastest-Growing Economy in Southeast Asia in 2024

The Philippines is in the list of the top 20 countries projected to have the fastest-growing economies in 2024. 

Data from the World Economic Outlook report by the International Monetary Fund, published last October 23, said the Philippines is number 19 with a projected GDP growth rate of 5.9 percent. Only Cambodia is higher up in the list, at number 14, with 6.1 percent. The Philippines is just slight ahead of Vietnam, which came in at number 20 with a projected GDP growth rate of 5.8 percent.

Based on the IMF report, the Philippines is projected to reach a GDP growth rate of 6.4 percent by 2028. It is also expected to end 2023 with a GDP growth rate of 5.3 percent. 

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The Philippines’ own GDP target for 2023 is six percent, according to Department of Finance Secretary Benjamin Diokno.

The country posted GDP growth of 7.2 percent in 2022, one of the highest growth rates in emerging economies in the world. Industries that contributed the most to the annual growth were wholesale and retail trade, manufacturing, and construction.

“The main downside risks to the outlook continue to be persistently high core inflation, depreciation pressures amid tighter global conditions, geoeconomic fragmentation, and balance sheet impacts related to higher borrowing costs,” a report by an IMF team after a visit to the Philippines in May 2023 said. “On the other hand, larger positive spillovers from China’s reopening and a stronger than expected recovery in investment could contribute to higher growth than currently envisaged.”

In October 2023 IMF report, projected to be the world’s fastest-growing economy in 2024 is Macao, with a GDP growth rate of 27.2 percent. The Chinese territory is a haven for tourism and gaming, which make up about 70 percent of the territory’s GDP.

Number two in the list is the South American country of Guyana, whose projected growth rate of 26.6 percent is driven largely by oil exports. 

At number three is Palau in the Pacific, with a projected growth rate of 12.4 percent, followed by the African countries of Niger (11.1 percent) and Senegal (8.8 percent).

The rest of the top 10 includes Libya (7.5 percent), Rwanda (7.0 percent), Cote D’Ivoire (6.6 percent), Burkina Faso (6.4 percent) and Benin (6.3 percent).

Just missing the top 10 is India, at number 11, also with 6.3 percent.