High income status for PH unlikely in 2040 - DEPDev

Sans Faster, More Inclusive Growth

- By Louella Desiderio

The Philippines may miss its goal of becoming a high-income country and its vision of a society free from poverty by 2040 if the economy continues to grow at its current pace, according to the Department of Economy, Planning and Development (DEPDev).

In a press conference yesterday, DEPDev Secretary Arsenio Balisacan said that the COVID pandemic has set back the country's progress in achieving its 2040 vision.

"Because remember in 2020, the economy contracted...That's quite a big deal, a lot of contraction. And what that meant is we lost three years of growth momentum. So that 2040 goal at the current growth rate, is not likely going to be feasible anymore," he said.