PHL in Top 3 Fastest Growing Economies in 2023 and 2024

The IMF released the World Economic Outlook (WEO) April 2025 last Tuesday.

- Bienvenido S. Oplas Jr.

I downloaded the database Excel files, I checked the numbers on GDP size both in current values and purchasing power parity (PPP) values and GDP growth. When comparing countries' economic size, I prefer to use the PPP because valuation is adjusted for standard of living of countries.

In 2024, there were 53 countries and economies which have at least $500 billion GDP size in PPP values. Comparisons below are limited to those 53 economies and here are the results for 2024:

One, in GDP size at PPP values, China remains number one with $38.15 trillion, followed by the US with $29.18 trillion, India with $16.19 trillion. Fourth to sixth are Russia, Japan and Germany with $6 trillion to $6.9 trillion.

Two, in current values the US remains number one with $29.18 trillion, followed by China with $18.75 trillion, third to fifth are Germany, Japan and India with $3.9 trillion to $4.7 trillion.

Three, among the ASEAN-6 GDP size at PPP values, Indonesia is 8th with $4.66 trillion, Thailand is 22nd with $1.77 trillion, Vietnam is 25th with $1.65 trillion, Malaysia is 30th with $1.38 trillion, Philippines is 31st with $1.37 trillion, Singapore is 34th with $910 billion.

Four, in GDP size at current values, Indonesia is 16th, Singapore is 27th, Thailand is 30th, Philippines is 33rd with $462 billion, Vietnam is 34th, Malaysia is 37th.