The Economy of the Philippines is the 43rd largest in the world, according to 2011 World Bank statistics and it is also one of the emerging markets in the world. According to the CIA Factbook, the estimated 2011 gross domestic product (purchasing power parity) was $411.9 billion (2011 est.) The Goldman Sachs estimates that by the year 2050, it will be the 14th largest economy in the world and one in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. As a newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing.
The Philippines is one of the Tiger Cub Economies in Southeast Asia together with Indonesia, Malaysia and Thailand.
Read more about Economy Of The Philippines: Macroeconomic Trends, Composition By Sector, Economic Indicators and International Rankings, Statistics, Government Budget
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