Philippine Smart Vending Expo

PSVExpo2024

PHILIPPINE EXPO OF SMART VENDING 2024. World Trade Center Metro Manila, Philippines. The Philippines is the fastest growing economy in South East Asia. According to an earlier report by the Asian Development Bank, the Philippine economy is expected to continue on a steady path of growth in 2021-2022. This will be supported by a rapid acceleration of the government's COVID-19 vaccination program, and a sharp decline in COVID-19 infections.The Philippine Statistics Authority, however, reported that by 2021 its GDP had grown faster than anticipated, reaching a staggering 5.6%, exceeding even the ADB's forecast of 5.5% for 2022.

IHS Markit, a global data and financial forecaster, predicted that the Philippine economy would grow strongly in 2022 at the Economic Outlook Briefing held by the Board of Investments on 26 January 2022. This was despite the need to balance the increasing COVID cases with the opening of the economy to new investments. Rajiv Biwas, Executive Director of IHS Markit and APAC Chief Economicist, said that 2022 would be another year in which the global economy will recover, with a 7% growth rate forecast for the Philippines, aided by a buoyant domestic market. IHS Markit forecast surpassing ADB 5.5% forecast.

Biswas predicted with confidence, "The Philippines' economy will reach USD1 trillion by 2033. Foreign investors will focus more on the growth of the domestic consumer market." The booming size of the Philippine domestic consumer market is also a key factor in improving the Philippines' economy's attractiveness over the next decade.