Philippines among the Largest World Economies

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Category: Business Opportunities

The Philippines will be among the world's largest economies in 2050, based on a study made by Hongkong and Shanghai Bank. In its report entitled "The World in 2050," HSBC concluded that the Philippine economy may rise as the 16th largest in the world by 2050, surpassing the economies of Indonesia, Australia, Argentina and Egypt. Asian neighbors Malaysia and Singapore are not in the Top 20.

The Top 20 largest economies by 2050 are: (1) China; (2) United States (3) India; (4) Japan; (5) Germany; (6) United Kingdom; (7) Brazil; (8) Mexico; (9) France; (10) Canada; (11) Italy; (12) Turkey; (13) South Korea; (14) Spain; (15) Russia; (16) Philippines; (17) Indonesia; (18) Australia; (19) Argentina; and (20) Egypt.

HSBC said that the fundamentals considered in the forecast "include current income per capita, rule of law, democracy, education levels and demographic change." HSBC also said that "the Philippines was also put at an advantageous position by its growing population, which, if properly educated and trained, should help the economy generate more income over the next decades."

On the other hand, global investment bank Goldman Sachs stated that the "Philippines has the potential to become one of the top 10 countries that can greatly contribute to global growth within the decade." The Philippine is one of the N-11 countries ("Next 11" economies, including Mexico, Korea, Indonesia, Turkey, Iran, Egypt, Nigeria, Bangladesh, Pakistan, Philippines and Vietnam) that is likely to advance to the "growth countries" stage.

This is definitely good news, even if attaining the 16th rank will most probably happen beyond our lifetime. Whether it will happen is perhaps less certain than one's chances of winning the lotto. Whether you believe the forecast is an entirely different matter [use the comment section below for your views]. Still, these projections could potentially yield a host of business opportunities for the Pinoy Entrepreneurs. As Louis Pasteur is quoted to have said, "Fortune favors the prepared mind."