Known as the country with the most dynamic economies in South-East Asia, the Philippines seems the perfect yet prestigious place for any investors to do business there.
Statistically, the Philippines itself has gained 5.9 % of GDP growth based on IMF data. Though this country experienced a decrease in GDP rate last year, the Philippines still looks exciting for several investors to take part in domestic business.
The Philippines itself has several key economic drivers that lead this country to gain a high rate of GDP. Solid fundamental is one of the other important things besides a competitive workforce.
Further, a stable job market is also the most important factor that drives any investment coming to this country.
However, all the information about Philippine’s economic outlook will be covered in Market Research Philippines below.
Philippines Economic Outlook 2020
It’s not surprising that the Philippines nowadays has become the most dynamic economies compared to another country in the South-East Asia region.
This dynamic economy was commonly affected by any essential factors such as the rate of urbanization, middle-class economic growth, and also the rate of population and demography in this country.
The dynamic economic happens in this country furthermore was also impacted by the high demand of consumers due to the robust remittances and also vibrant labor market.
Several profitable business fields look promising to run in this country such as outsourcing, finance, insurance, and real estate. Market Research Philippines below will show you several economic facts of this country.
The Gross Domestic Product of Philippines and Main Sector Industry Overview
The economic trend in the Philippines is generated by any essential sectors including the cement industry, iron and steel, food and beverages, and also telecommunication.
Well known as the second largest country with a high rate of coconut producing, the Philippines’ agriculture sector grows about 0.9% makes this sector gives about 25% of the field for labor forces.
The GDP contribution from this sector reached 9.3%.
Further, the Philippines ’ economy is also generated by industrial food processing. It makes this industry becoming the main manufacturing sector in the Philippines.
With the rate of contribution reaches to 30.7%, the industry sector gives an opportunity for about 18.4% of the population. Another leading industry such as chemicals, glass, and cement production also contributed to the GDP of about 6.7%.
How does the Philippines Economic Will look Like in 2020?
According to the IMF data estimation, the Philippines itself has gained about 5.9% of GDP along 2019 which also made this country popular with its most dynamic economies.
But unfortunately, in 2020 there is a decrease in GDP growth due to some external and environmental factors. Hence, for any company that tries to enter this country for doing business, looking for market research Philippines is a must.
The challenge is also coming from the newest pandemic called COVID-19.Based on IMF data for the Philippines economy forecast in 2020, there will be a decrease in GDP growth that reaches 0.6% and continuing until 20120 with the estimation rate reach 7.6%.
However, it may sound bad, but all unpredictable possibilities will somehow happen in the economy of the Philippines.
Due to the forecast and data about the economic and business market in this country, those who intend to enter the Philippines market for any business and investments need to consider the market research Philippines.