Published: January 14, 2012
MANILA, Philippines – A latest study conducted by the Hong Kong and Shanghai Banking Corp. (HSBC) finds Philippines to ascend among other countries and become the 16th largest economy in the world by the year 2050.
The report called ‘The World in 2050′ emphasizes that the present per capita income of the Philippines ($1, 215) is perceived to increase to $10,893 in 2050.
“We highlight the striking rise of the Philippines, which is set to become the world’s 16th-largest economy, up 27 places from today,” according to the report released Wednesday.
However, along with the forecasted increase on the forecasted economic growth is the expected Philippine population, which is likewise, seen to boost to 155 billion from the present record of 93 million.
HSBC elucidated that they are basing the forecast on the current level of Philippine economy as well as some factors that will determine if the country has the capability to draw near with the more developed countries.
Among the bases of this forecast as indicated in HSBC’s report include the country’s present income per capita, education levels, demographic change, democracy and rule of law.
Besides being forecasted as the world’s 16th largest economy by 2050, Philippines is also incorporated in the bank’s so-called “fast-growth countries” along with other countries like Jordan, Ecuador, Turkmenistan, Peru, Uzbekistan, Malaysia, Egypt, Kazakhstan, Bangladesh, India and China.
All economies listed in the report are apparently classified with the emerging markets, otherwise, developing nations outside eurozone’s “danger zone” and US.
The aforementioned countries listed under same category, according to HSBC “share a very low level of development but have made great progress in improving fundamentals . . . . they should enjoy many years of ‘copy and paste’ growth ahead.”
The report used the technical phrase ‘copy and paste’ to describe the stage of a developing economy as it opens itself and adapts to the existing technologies.
HSBC’s report on forecasted average per capita income expansion of the Philippines per decade:
2010 – 2020 = an average 6.1 percent
2020 – 2030 = an average 5.6 percent
2030 – 2040 = an average 5.2 percent
2040 – 2050 = an average 4.8 percent
HSBC’s report on forecasted gross domestic product (GDP) of the Philippines per decade:
2010 – 2020 = 8.4 percent average
2020 – 2030 = 7.3 percent average
2030 – 2040 = 6.6 percent average
2040 – 2050 = 5.8 percent average
Meanwhile, other countries like India, Mexico, Turkey, Malaysia, Colombia and China are forecasted to attain the strongest growth with “extraordinary prospects” as these countries has great potentials to exert more influence in global economy.