Focus

Philippines remains lower middle income country: World Bank

04 Jul 2023 04:36pm
Manila city Philippines - FILE PIX
Manila city Philippines - FILE PIX
A
A
A
MANILA, Philippines - The World Bank has classified the Philippines as a lower middle-income country with a gross national income (GNI) per capita of US$3,950.

According to a report released on Monday by the World Bank, the Philippines' GNI per capita increased by 11.3 per cent to US$3,950 in 2022, still within the multilateral lender's list of lower middle-income economies of US$1,136 to US$4,465 GNI per capita, reported Xinhua.

President Ferdinand Romualdez Marcos has vowed to bring the Philippines to "upper-middle income status by 2024," while National Economic and Development Authority Secretary Arsenio Balisacan set the agenda by 2025.

The Philippine economy is on the recovery track, with its gross domestic product accelerating from 5.6 per cent in 2021 to 7.6 per cent in 2022. The poverty rate declined from 23.5 per cent in 2015 to 18.1 per cent in 2021 despite the shocks by the COVID-19 pandemic and other global headwinds.

The World Bank said the economic dynamism in the Philippines, with increasing urbanisation, a growing middle class, and a large and young population, "is rooted in strong consumer demand supported by a vibrant labor market and robust remittances". - BERNAMA
Related Articles:


PHILLIPINES
MANILA
WORLD BANK
More Like This
Palestinians inspect the destruction following overnight Israeli strikes on Rafah in the southern Gaza Strip on May 6, 2024. - Photo by AFP
Palestinians inspect the destruction following overnight Israeli strikes on Rafah in the southern Gaza Strip on May 6, 2024. - Photo by AFP
World Israel calls for Rafah evacuation ahead of possible offensive
IDF said that it "encourages" the residents of Eastern Rafah to move to an expanded humanitarian area in the al-Mawasi refugee camp, on the Mediterranean not far from the border with Egypt.
Muslims gather on the private parking lot of a construction site for the half-day prayer in Monfalcone, on April 26, 2024. - (Photo by ALBERTO PIZZOLI / AFP)
Muslims gather on the private parking lot of a construction site for the half-day prayer in Monfalcone, on April 26, 2024. - (Photo by ALBERTO PIZZOLI / AFP)
World No place to pray for Muslim workers in Italian city
They are just a fraction of the city's Muslims who since November have been banned from praying inside their two cultural centres by Monfalcone's far-right mayor.
A picture shows a view of the Al Jazeera television network offices in Ramallah in the occupied West Bank on May 5, 2024. - Photo by AFP
A picture shows a view of the Al Jazeera television network offices in Ramallah in the occupied West Bank on May 5, 2024. - Photo by AFP
World UN expresses regret over Israel's decision to terminate broadcasts of Al Jazeera TV
Israeli authorities raided the offices of Doha-based Al Jazeera television in Jerusalem and confiscated its equipment shortly after a government decision to shut down the broadcaster.
Photo for illustration purpose only. - File photo by AFP
Photo for illustration purpose only. - File photo by AFP
World CIA chief headed to Qatar for 'emergency' meeting on Gaza talks - Source
Qatar, along with the United States and Egypt, has been involved in months of behind-the-scenes negotiations in efforts secure a cessation of hostilities in the Gaza Strip.