Philippines, the world's 16th largest economy! WOW! is this for real?
By aaronfyzeon
@aaronfyzeon (1920)
Philippines
January 13, 2012 12:56am CST
The Philippines is forecast to leapfrog and become the 16th largest economy in the [/b]world by 2050[b], according to a study by the HongKong and Shanghai Banking Corp. (HSBC).
“We highlight the striking rise of the Philippines, which is set to become the world’s 16th-largest economy, up 27 places from today,” said the report, ‘The World in 2050,’ which was released yesterday.
It pointed out that the per capita income in the Philippines is seen to rise to $10,893 in 2050 from the present $1,215. However, its population is likewise seen to balloon to 155 million from the current 93 million.
HSBC, however, explained that the forecast is based on the economy’s current level of development and the factors determining whether it has the potential to catch up with the more developed nations.
“These fundamentals include current income per capita, rule of law, democracy, education levels and demographic change,” it explained.
The Philippines was also included in what the bank termed as the “fast-growth countries.” Others in that category are China, India, Malaysia, Bangladesh, Uzbekistan, Kazakhstan, Turkmenistan, Peru, Ecuador, Egypt and Jordan.
These countries “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 said.
‘Copy and paste’ refers to the stage of a developing economy when it opens itself and adapts to the world’s existing technologies.
Noticeable in the list is that all economies are classified with the emerging markets or developing nations that are outside the “danger zones” of the eurozone and the United States.
The factors that would dictate on the economies’ growth are education, democracy, fertility, capital investments, corporate governance, and the rule of law, HSBC said.
It added that the Philippines is poised to experience a “multi-decade run” of strong growth that includes China and Pakistan.
The HSBC report projects that the Philippine per capita income will expand by an average 6.1 percent in the period 2010 to 2020; 5.6 percent from 2020-2030; 5.2 percent in 2030-2040; and 4.8 percent in 2040-2050.
For gross domestic product (GDP), growth in the period 2010-2020, is estimated at an average 8.4 percent; from 2020-2030, by an average 7.3 percent; from 2030-2040 by an average 6.6 percent; and from 2040-2050 an average 5.8 percent.
But the strongest growth “with extraordinary prospects” is China, India, Malaysia, Mexico, Colombia and Turkey. These countries are expected to exert a lot of influence in the world economy, un-seating a large number of economies presently classified as developed, HSBC said.
“Countries like the Philippines, Peru and Nigeria all demonstrate some combination of favorable demographics and strong fundamentals that should see a significant rise in their economic rise,” the report added. - By Ted P. Torres (Philstar News Service, www.philstar.com)
Guys, what can you say about this one? to think that it is just a forecast only by the year 2050 (soooooo far from now) it is still making me so excited about that. I assume there will be less poverty then here in our country.
2 people like this
20 responses
@Sebastion1234 (293)
•
13 Jan 12
Almost all your president are all corrupt people i fill sorry for the poor people who don't have homes
@ichipink (541)
• Philippines
13 Jan 12
Yes, it really is sad. This is because many citizens, especially the poor ones, engage in vote-buying. And when the person they voted won but turned out to be a bad one, they either complain or don't care at all.
I also think that many of these less fortunate people don't improve because they depend so much on being helped by others. They don't give much effort in improving their way of life and many of them also disregard our regulations like proper waste disposal.
@neonmay25 (208)
• Philippines
13 Jan 12
That is true, those politicians are politicking their own interest. They take advantage of the vulnerable and it's a shame that even it's so obvious they're actually doing it still they continue what they do. What a shame and I look at them with filth. They get rich out of the people's money? How can they dare to see many who can't afford to eat three times a day and them doing corrupt ways and enjoying it. It seems it's normal to them, how can we make them stop? They are leech in our society and they're sucking every inch of every body's soul till we got so drained and exhausted. I feel sorry for everyone but it's never too late. Somehow, something big will happen and stop this disease from spreading. It's a burden of Juan dela Cruz..
@ichipink (541)
• Philippines
15 Jan 12
I wish that too. I wish that it would completely be eradicated. But the thing that frustrate me is it's so hard to determine who among these politicians could be trusted. Who is telling the truth? How much do they really care for us?
And another thing is they just keep on debating about many things. How I wish that for once, at least, they could work together for the betterment of our country.
@thanks1961 (7035)
• India
13 Jan 12
Hi dear,
I think the redictions would happen in the specified times. It is not just a positive response, but it should work out. As you may be aware, the developed countires like US, UK and South East countires are in a process of slow down and where as the under developed or devoloping nations are in a row to go up. Including India and China the growth potential is much higher as compared to few back years. In phase with such a comparison, the nations like your's are the listed ones for development for the rest of the time. I am sure that after 15-20 yeras, your country's growth would be substnatial.
I know many developed countires are proposed to invest in Phillipines and because of the economic barriers, it is not yet getting smoothly meterialised. I think your olden days will be more comfortable with everything aroud. Your next gen. many not required to run after job all over the world.
Best of luck.
Thank-s
1 person likes this
@thanks1961 (7035)
• India
16 Jan 12
HI,
The people idea is expanding and their thinking varies differently day by day. It is just an example, in India also, people are looking for better jobs and opportunities within and outside. For the companies, for competition and sustaining better profit, they are alway with a higher bargaing for labouror and wages. Some of the Indian companies are now manufacturing the products in China and import to India via ships and sell here in India. This is mainly because they are well aware that the laboaur cost is much less in China and they can produce things with cheap coast and can gain higher market profits.
So, the globalisation and libaralisation of trade and relationships, most of the countires have their own intention in grwowth. I am much sure that the underdeveloped countries will take up the crown in the coming past and your country would be one among the lead, no doubt or you can wait and see, this will happen in future.
Thank-s
@aaronfyzeon (1920)
• Philippines
16 Jan 12
Hello there! Thank you for a very significant posted response my friend! I guess another reason for this growth is because of the Outsourcing and offshoring some large companies to most Asian countries like yours and mine. If the wage will be too low compared if they will hire their locals then it will be too much for them. They will also come up with good results with their products because these Asian countries where they have invested their companies with really needed to have jobs so badly the reason why they always do their best. I am not saying this in general but then majority of the situations are like this.
I hope everything will turn out to be just like that. Have a great week ahead.
@annierose (18926)
• Philippines
13 Jan 12
That is a great news! Philippines has been in years of poverty. Because of that, some countries look down on it. When that happened, I don't think so that Filipinos will go abroad to work. It is because there will be more job opportunities and more stable income that will be provided with them. Other nations won't discriminate Filipinos at all because they will gain respect for its performance. Go, fellow Filipinos! I know that there will come a day that like other top countries, we can also be on the top.
1 person likes this
@LetranKnight25 (33121)
• Philippines
13 Jan 12
Hello Arronfyzeon, How are you lately??
I don't know, we are still in the Financial Trouble times, and the threat of Loosing more jobs because of the Impending Call Center Bill in the US seems a threat to one of the best job offers in the Country which is the CSR occupation.
Predictions are predictions, but that depends if we get more investments compare with other countries that which economies are blooming also. we are still far behind from our Asian Neighbors
. But it's a good sign for being optimistic
. But it's a good sign for being optimistic1 person likes this
@aaronfyzeon (1920)
• Philippines
16 Jan 12
Hello there! thank you so much! each state has different set of laws. It will all start from New York which is we all know the center of the American economy. If Outsourcing will not work for us then Offshoring will make us very stable. Putting up big companies in the Asian region will not be as hard giving off higher salaries of their locals compared to not even half if they will employ Filipinos or Indians for example. The quality of the products we produce are also above satisfactory so we will still be able to forecast a good economy in the future! This news is also a hope for the Filipinos to be so enthusiastic living their lives and looking forward to a brighter future. Thank you for the nice response!
I have been very busy lately putting myself into pieces after recovering from a very sad experience. Thank you for asking because I know you haven't noticed me for a while.
@Ghajini (776)
• Philippines
13 Jan 12
Yup that is definitely right according to the revised version of HSBC's report. The Philippines was ranked 43 last year then eventually became number 16 this year.
Anyway, even though those kind of reports is really nice, nevertheless we should not completely rely on it since it's just a prediction where in anything can still happen in the next 32 years. That's why all of us should do our best to be a good and useful citizen of our nation.
1 person likes this
@neonmay25 (208)
• Philippines
13 Jan 12
Great! That's a good forecast. Things like these are the ones that get me excited. I hope it will happen as what they have predicted. Let's go on forward Philippines, let's do each of our share everyone. God bless us all!
1 person likes this
@aaronfyzeon (1920)
• Philippines
16 Jan 12
Thank you so much! that's what I am really looking forward to this topic! Let us all do our share in making our nation unified, hardworking and responsible. After all, there is nothing wrong with being optimistic in life. Have a great day and I hope you enjoy posting quality responses and topics here in MyLot.
@Theresaaiza (10487)
• Australia
19 Jan 12
Helps us be more positive.
By 2050 I am only 38. So excited for that to happen.
@Theresaaiza (10487)
• Australia
19 Jan 12
Oh, shame on my arithmetic 
I subtracted 2050 to 2012 and not my birth year.
See how excitement can make you forget simple math!
I'll be 65. If my health doesn't fail me, I am still up and about to see that day.
I subtracted 2050 to 2012 and not my birth year.
See how excitement can make you forget simple math!
I'll be 65. If my health doesn't fail me, I am still up and about to see that day.
@aerous (13434)
• Philippines
14 Jan 12
I don't believe about it, my friend. If the grow really good why does not feel from the marginalize sectors or the below poverty line the said growth but still the life of ordinary Filipino is worsen...
The Government trick the people as what happen in the time of Former President Gloria Arroyo which is trying to say extravagant news that Philippines growth is high but never feel the growth that they say...
I believe the government if the growth will be feel from the marginalize sector what they called growth if the inflation rate is lower and the price of important commodities are lower...
@SinfulRose (3527)
• Davao, Philippines
15 Jan 12
I'm sorry to be pessimistic and be the breaker of optimism for those around here who celebrates that research made by the HSBC, I really am but here goes nothing...
Do you really think that is "good" news? It may sound good, yes, but think of what will be the cost of such a thing, more poor people and rich becomes richer. If what I've seen before and in the present is what it will be gonna be when the event that Philippines will rise to be the 16th largest economy comes, people won't feel it one "tee nee tiny" bit.
And if the current society (not only just the government and economy) still goes it's current path of "Rat Race", Philippines won't be reaching that rank in the world economy. That research made by HSBC, I suspect and please correct me if I'm wrong, was made under Gloria's Governance of the Philippines and not under the current Aquino administration...
@vycess (1588)
• Saudi Arabia
13 Jan 12
I hope that this forecast will come true. Thanks for sharing this to us, I really believe that Philippines can progress and it has lot of good aspects. It's just on the hand of the government and the community on how to give value on what we have. Filipinos are intelligent and wise and always thinks of new ideas it's just the implementation that has a problem. I guess we lack support and funds for now. But still I'm hoping Philippines will be a great nation.
@ichipink (541)
• Philippines
13 Jan 12
We do lack unity. And you're right, if everybody will will just cooperate and contribute, our country will definitely have a better chance to rank 16th or even higher. ^_^
@louievill (28851)
• Philippines
16 Jan 12
I don't know what to say, chances are I won't even be alive when the day comes
, but if it is true then I would be happy at least for my children and grand children, no problem, I had been blessed to have seen a time when our country was second to Japan in Asia, it was so rich then and soooo beautiful, we don't have to wait that long, we can make it come true earlier if we just all work together, sigh....
, but if it is true then I would be happy at least for my children and grand children, no problem, I had been blessed to have seen a time when our country was second to Japan in Asia, it was so rich then and soooo beautiful, we don't have to wait that long, we can make it come true earlier if we just all work together, sigh....
@CaptAlbertWhisker (32507)
• Calgary, Alberta
13 Jan 12
wanna know the reason why? By 2050 over population will actually be an advantage, the overpopulation can give us more OFW's that can provide cheap labors for 2st world country. Look at India, its a 3rd world country but its predicted to be a 1st world country by 2050 because of its population. Large population actually mean huge market and manpower.OFW's alone can make our country rich. Its up to the people.
@myzhian (584)
• Philippines
16 Jan 12
this is just a theoretical study of economy and it is so hard to believe. In a country like the Philippines wherein corrupt political authorities are at stake, from the highest positions down to local officials, progress is a myth. Although Philippines is very rich in natural resources and tourist destinations, None of our official is reputable enough to be in his position and their only consuming the government fund for personal satisfaction! This is a mere damn truth!
@sunirmal70 (82)
• India
13 Jan 12
Looking to improvement in overall credit-rating and growth strategies adopted by the Philippines government, it can be expected that in the years to come, this country may be stand in ques among the other fast growing countries of the world.
@Masmasika (1921)
• Philippines
13 Jan 12
Thanks for the share. I still trust the Filipinos in what they can do in the future. If everyone of us will cooperate and work harder then it will not be impossible. Filipinos are intelligent people who have great ideas and are very creative. No matter what other people are saying; we can still do something to improve the economy. It is what each one of us can do that is important.
It's too sad to think that there are so many people who think that the Philippines cannot survive the worsening crisis. But the truth is that we can still move forward and improve our economy.
I always pray for the best to happen. Great discussion. 
@Graceekwenx (3160)
• Philippines
13 Jan 12
hmm... i couldnt comment on that... i surely dont see any improving key indicators as of this time to say wooooooahhh though.. sorry for being pessimistic heheheehhe... is HSBC's projections proven concrete? I can see the GDP but what about international debt?
@Cutie18f (9551)
• Philippines
13 Jan 12
Hmmm...that seems like good news to me...but 2050? I hope we will still be around to enjoy the good life.
@ichipink (541)
• Philippines
13 Jan 12
That sounds really great! At least our country is really improving. But we shouldn't rely so much on this forecast. I think the President plays a major role in the development of our country. And also we should give some effort and help on improving our country. I think one way we could help is by waste management. This has been a major problem in our country and practicing this could avoid some bad calamities to occur.
@bluerhapsody (161)
•
13 Jan 12
2050!
Thirty-eight years from now? Seems a little too far ahead for me.
Hopefully, it would be sooner rather than later or maybe, another financial crisis will pop up again and ruin everything. Anything is possible. Anyway, far-fetched or not, this report is very uplifting for us, Filipinos.
