Finance Secretary Ralph G. Recto has expressed confidence that the Philippines is on track to become a global powerhouse by 2050, positioning itself to become a part of the prestigious G20 group of leading world economies.
Recto told reporters on Wednesday, March 13, that the country's economy, as measured by its gross domestic product (GDP), is projected to land as the 14th largest in the world by 2050.
“By 2040 or 2050, the Philippines will be the 14th biggest economy in the world. We will be in the top 14. So by 2050, we will be included in the G20,” Recto said.
Currently, the Philippine economy holds the 40th spot among 190 countries worldwide.
Recto, however, said that this ambitious goal hinges on the Philippines maintaining its current growth trajectory, which stands at approximately six percent annually.
“I think the economy will more or less double its size…Because we have a young population, we have a young demographic profile,” the finance chief said.
The G20, established in 1999, consists of 20 of the largest economies globally, convening regularly to synchronize global policies on trade, health, climate, and other important issues.
The group consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States, with Spain holding a permanent guest status.
Recto said that the projection of the Philippines emerging as one of the largest economies in the world by 2050 does not originate from the Department of Finance.
“If you take a look at the IMF [International Monetary Fund], World Bank, other multilateral organizations, and JICA [Japan International Cooperation Agency] they will tell you that by 2050, our potential is to rank among the top 14 economies in the world,” he said.