The Philippines is one of the fastest-growing emerging market (EM) economies. However, gross domestic product (GDP) per capita remains relatively low (USD 3,870 per annum, similar to Egypt). Business process outsourcing and tourism are two of the biggest contributors to the economy. The manufacturing industry is of decent size, especially electronics, automotive, and food processing. The country has few natural resources, with the notable exception of nickel ore. Economic activity is expected to remain very robust in the coming years, which will eventually boost income per capita, and increase the likelihood of ratings upgrades.

Oman’s economy relies essentially on the oil and gas sector, which represents 70% of its exports. The country has been gradually diversifying its economy, notably in tourism. Its macro fundamentals have dramatically improved, underpinned by strong demographics, continuous development of the service industry, especially in tourism, and structural reforms.