HSBC's global research department has released a reports last January 11 2012 predicting the rise and fall of the world's economies in the next 40 years
Surprisingly our country (Philippines) is on the list of the fastest growing economy in 2050 prediction. In fact our country is on the 16th rank on HSBC's 2050 list of top economies surpassing Australia 18th, Saudi Arabia 22nd, Netherlands 24th and Switzerland 29th . With a leapfrog 27 places to become the world’s 16th largest economy from the 43rd in 2010. Well that was HSBC's prediction in world economy.
What makes economies grow
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If we step away from the cyclicality, there are two ways economies can grow; either add more people to the production line via growth in the working population, or make each individual more productive. Our country had both, With an annual projected growth of 7% in 2010 the GDP or Gross Domestic Product of our country is $112 billion with these data they project that the GDP of the Philippines in 2050 is $1.688 trillion.
Population and economy
As one of the fastest-growing populations in Asia, our country's population will set to jump by almost 70 percent over the next 40 years, and HSBC believes the combination of its powerful demographics and strong fundamentals will drive the economy to become the world’s 16th largest by 2050.
Our country is one of the world’s largest exporters of labor, with over 11 million Filipinos working abroad, according to the latest data from the Commission of Filipinos Overseas. In 2010, almost $19 billion was sent back to the Philippines as remittances from Filipinos working abroad.
More recently, the country’s fast-developing Business Process Outsourcing (BPO) industry has helped keep some of the workforce from leaving the country. The Philippines is also considered as location of choice due to it's less expensive operational and labor. In 2007, it remains as a top BPO destination for the estimated $150-billion business process outsourcing industry. Already we have estimated 400,000 Filipinos to work in call centers, compared with 330,000 Indians, according to the Contact Center Association of the Philippines. According to the Call Center Directory of the Philippine Economic Zone Authority (PEZA), the Philippines now has 788 call centers over 20 cities key locations The industry is projected to provide more than one million jobs within next two years. The economy’s also focuses on the services sector (such as medical transcription and offshoring) and domestic consumption . As well as a lowered exposure to global financial markets, it helped escaped the recession following the 2008 global financial crisis.
1) China (+2)
1) China (+2)
2) U.S. (-1)
3) India (+5)
4) Japan (-2)
5) Germany (-1)
6) UK (-1)
7) Brazil (+2)
8) Mexico (+5)
9) France (-3)
10) Canada (same)
11) Italy (-4)
12) Turkey (+6)
13) S. Korea (-2)
14) Spain (-2)
15) Russia (+2)
16) Philippines (+27)
17) Indonesia (+4)
18) Australia (-2)
19) Argentina (2)
20) Egypt (+15)
21) Malaysia (+17)
22) Saudi Arabia (+1)
23) Thailand (+6)
24) Netherlands (-9)
25) Poland (-1)
26) Peru (+20)
27) Iran (+7)
28) Colombia (+12)
29) Switzerland (-9)
30) Pakistan (+14)
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