Philippines is ASEAN’S fastest growing economy and now going number 1 in the world for 2015 in investment destination, a place with a good investment climate. It has a strong economic fundamentals, good governance, lots of skilled workers that are educated and motivated.
World Bank said that “The Philippines is no longer a sick man in Asia, It’s now Asia’s rising tiger.”
An international bank HSBC predicted that in the next few decades the Philippines will likely be the world’s 16th biggest economy, helped by demographics and rising education standards, with the Philippines set to leapfrog 27 places to become the 16th largest economy by 2050.
The bank also said in a report from “The World in 2050” that plenty of places in the world look set to deliver very strong rates of growth. But they are not in the developed world, which faces both structural and cyclical head winds. They are in the emerging world.
HSBC additionally purportedly anticipated China’s takeover of the number one slot from the United States and the rise and fall of some of the world’s most progressive economies, especially the ones in Europe.
According to HSBC, only five European nations will be in the top 20, compared to eight today. The biggest drop will be felt in northern Europe: Denmark to 56th ( -29), Norway to 48th ( -22), Sweden to 38th (-20) and Finland to 57th (-19).
The following are the HSBC’s List of top economies in 2050 along with their change in rank from 2010 as reported by CNN:
“In the event that we step far from the cyclicality,” says the report, “there are two ways economies can develop, either add more individuals to the production line by means of development in the working populace, or make every individual more gainful and productive.”
The formation and creation of employments and new business organizations will make individuals profitable. In spite of the fact that the full report is yet to be discharged formally, it is likely that on account of the Philippines one of the bases for the Philippine report is the development got from occupation of Filipinos abroad and additionally employments produced by the business process outsourcing industry in the nation, as these are two dollar pay workers that as of now push Philippine economy.
HSBC however cautioned that economies referred to in the report could be derailed and crashed in pushing ahead by factors like “energy consumption, constraints, climate change, war and growing barriers to population movement across borders.”
Featured image used credit to Edwin Martinez / Sources info. – CNN business, Pinoymoneytalks.com
By: Jason E. /