PH Lands in Top 50 World Economies as World Surpass USD100 Trillion Global Economy

The Philippines landed in the top 50 global economies in terms of GDP as the world economy collectively surpasses the USD100 trillion mark, according to the International Monetary Fund (IMF).

The world also collectively reached the USD100 trillion mark in Gross Domestic Product (GDP), which is a broad indicator of a country’s economic performance.

GDP measures the total value of economic output produced by both the private and public sectors in a given time frame.

Data from the IMF as of April 2022 shows that the Philippines currently sits at the 38th spot in the top 50 list in terms of GDP, with a GDP of USD411.98 billion.

The Philippines is trailed by neighboring country Vietnam at 39th place with a GDP of USD402 billion, and Denmark at 40th place with a GDP of USD399 billion.

The United States is still the world’s top economy, with a GDP of USD25.3 trillion.

The US is trailed by China at the 2nd spot with a GDP of USD19.9 trillion. However, China is still on track to replace the US as the world’s top economy by 2030, according to projections.

In Europe, Germany is the top country in terms of GDP at USD4.3 trillion, followed by the United Kingdom with a GDP of USD3.4 trillion.

The annual global GDP growth output of the world was adjusted to 3.6 percent from the initial projection of 4.4 percent due to the weak post-pandemic recovery of the world, coupled with the global surge of inflation rates, and the Russian invasion of Ukraine, which has sparked a looming food crisis. (GFB)