Philippines projected to be world's 14th largest economy by 2075

MANILA, Philippines — The Philippines is projected to land in the top 15 largest economies in the world by 2075, as emerging markets are projected to outgrow their developed counterparts.

In a report released last month, Goldman Sachs said it forecasts the Philippines to be the 14th largest economy in the world by 2075, surpassing France which is projected to fall to the 15th spot by that year.

The Philippines is one of the two Southeast Asian nations on the list, with Indonesia seen becoming the world’s fourth largest economy by 2075.

Meanwhile, China and India are projected to be the first and second largest economies in the world, respectively, by 2075 and surpass the United States, which would take the third spot.

Goldman Sachs said China would overtake the US around 2035, while India should catch up by 2075.

“Second, while China and India are projected to be larger than the US by 2075, our projections imply that the US will remain more than twice as rich as both,” Goldman Sachs said. 

The Philippine economy expanded 7.6% year-on-year in 2022, better than the 5.7% growth recorded in the previous year.

This marked another year of growth, two years removed since the pandemic sent the domestic economy into lows unseen since World War II. Consumer spending proved to be a bright spot.