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GDP per Capita Growth in Philippines Overtakes Rise in Asia-Pacific and Emerging Markets
Last updated: 3 July 2024
Relative success in raising living standards held back by pockets of poverty and inequality
Philippines GDP Growth
Index: 1996=100
* GDP in
Purchasing Power Parity
terms with added estimates for the size of the
informal economy
and adjustments for out-of-date
GDP base year
data.
Living standards growth in the Philippines has finally caught up and surpassed the rise in the Asia-Pacific region and in Emerging Markets. Real GDP per capita over the last twenty-five years in the country has increased by 92% compared to an increase of 73% in the Asia-Pacific region and 45% in Emerging Markets. After its performance trailing both benchmarks for much of this period, the country’s GDP per capita growth accelerated passing the increase in Emerging Markets in 2009 and that in the Asia-Pacific region in 2015.
The economy of the Philippines has grown consistently over the last ten years with a cumulative annual average rate of real GDP increase of 4.8%. The country benefits from a relatively young population with a median age of only 25.7 years compared with 42.2 in developed Singapore, but the progression in living standards is held back by inequality and poverty. The proportion of the population living in poverty remains at 6.1% compared with 4.6% in Indonesia. However the World Economics Index of Inequality is low at 32.9 compared with the Asia-Pacific median of 44.2.
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More perspectives using World Economics data
The Indian Economy Continues to Grow Rapidly
Indian Sales Managers reported another month of significant economic growth in November. All growth related indexes are reflecting expansion across a wide variety of business sectors. The overall Sales Managers Index which shows the impact of the sub Indexes in concert, continues on a nicely positive course. The Sales Managers Indexes are in fact currently reflecting what economists sometimes refer to...
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China Business Confidence Improves in November
Chinese Services sector activity has continued to support overall growth in the Chinese economy in recent months, despite obvious problems in the Manufacturing sector. Recent months data have suggested that even the Services sector has been teetering on the verge of recession. However the just released November data suggests that a turning point may have been reached. The crucial Business Confidence i...
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Dramatic Demographic Decline in East Asia
East Asia has been the primary driving force in global growth over the recent decades, but rapidly falling fertility rates suggest the region may cede its lead over the coming years. Childbearing levels across the region have been, on average, below the replacement rate since 2010. Other factors, such as disease and war, can affect population numbers, but fertility is by far the greatest indicator ove...
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