Philippines will be World Bank upper-middle income in 2019

The Philippines National Economic and Development Authority (NEDA) sees 7-8% GDP growth making the Philippines an upper middle-income country by 2019 which would be 3 years ahead of a 2022 target.

A World Bank definition for an upper middle-income economy is a country with a GNI per capita of between $4,036 and $12,475.

The Philippines, Indonesia, Vietnam, India, Laos and Myanmar are lower middle-income country with GNI per capita between $1,026 and $4,035.

The 2017 World Bank statistics on per capita GNI are:

Philippines $3660
Indonesia   $3540
Laos        $2270
Vietnam     $2170
India       $1820
Myanmar     $1190

The South Asian countries have 5 to 8% GDP growth.

Philippines having 7-8% growth should reach the upper middle-income level in 2019. Indonesia has a little slower growth at 5.5% and should reach it around 2022.

India, Vietnam and Laos will become upper middle-income around 2026-2030.

China became upper middle income around 2010 and will soon become high income according to the world bank definitions.

Regional 2017 per capita GNI

World                        $10,366	
Arab World                         $6,152	
Caribbean small states             $8,985	
Central Europe and the Baltics    $12,980	
East Asia & Pacific               $10,170	
Euro area                         $35,644	
Europe & Central Asia             $22,651	
Europe & Central Asia (excluding high income) $7,370	
European Union                    $32,778		
Latin America & Caribbean          $8,200	
Latin America & Caribbean (excluding high income) $7,413

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