WEF projects Philippines' $2T economy in a decade

World Economic Forum (WEF) President Børge Brende projected that the Philippines has the potential to reach a $2 trillion economy within the next decade, contingent upon sustained reforms in education, infrastructure, and renewable energy.

This economic milestone could be attainable with the government's fiscal strategy, efforts to promote further investments, and a sustained annual growth of 7 to 8 percent.

House of Representatives Speaker Martin Romualdez stated that the WEF's forecast is a milestone toward "economic prosperity" for the Philippines.

He emphasized that legislative action, particularly initiatives to open and liberalize the economy, would be crucial in achieving this target.

The country's human capital is a significant driver for growth, with potential for a 30% increase in productivity.

Romualdez noted that the Philippines' economic stability and growth potential have attracted international investors, paving the way for job creation and entrepreneurial ventures.