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ASEAN+3 Macroeconomic Research Office

Coverage of ASEAN+3 Macroeconomic Research Office in the Nexus archive.

Earliest in view: Jul 3 · 06:44 UTCMost recent: Jul 3 · 06:44 UTC

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BUSINESSJul 3 · 06:44 UTCFORTUNE
The World Bank has elevated Vietnam and the Philippines to upper-middle-income status—but now they face ‘a far more demanding phase of development’
Vietnam and the Philippines were reclassified as upper-middle-income countries by the World Bank in 2025 based on their GNI per capita of $4,970 and $4,850, respectively. The upgrade reflects Vietnam's 8% economic growth driven by exports and foreign investment, and the Philippines' 4.4% growth despite natural disasters. Both nations now face challenges in avoiding the middle-income trap to reach high-income status.