LONDON, England — Projecting a significant improvement by jumping 10 places from 33rd rank out of 189 economies in 2024, the Philippines is forecasted to become the 23rd largest economy by 2039, according to the latest report of the World Economic League Table published by London-based think tank Center for Economics and Business Research (CEBR).

The report highlights the steady economic growth of the Philippines amid global challenges. Among the 189 economies analyzed, the Philippines’ rise underscores its increasing competitiveness and resilience in key sectors, driven by domestic consumption, robust remittances, and a growing labor force. It will surpass economies like Switzerland and Taiwan, which are projected to be ranked 24th and 25th, respectively, by 2039.

Other countries in the top rankings include the United States, China, and India, which maintain their positions as the top three largest economies. Notably, India is expected to overtake Germany and Japan to secure the third spot by 2039, further emphasizing shifting global economic dynamics.

And according to the Philippine AmBisyon states: “By 2040, the Philippines will be a prosperous, predominantly middle-class society where no one is poor, our people will live long and healthy lives, be smart and innovative, and will live in a high-trust society.”

Our abundant natural and human capital resources position us to become a first-world country by 2050. With projections supporting the strength in Philippine economy, the country is poised to be the 16th top economy in the world by 2050 and the top 12th economy by 2075—a new and exciting era for our country.