Philippines: One of World’s Most Dynamic Economy

[MikeLigalig.com]

By ANDREW JAMES MASIGAN
Manila Bulletin

MANILA, Philippines â€" Early this month, HSBC’s global research unit came out with a report predicting the rise and fall of world economies in the next 40 years. To the great delight of most Filipinos, the Philippines was singled out to be the world’s most dynamic economy and seen to jump 27 places from its current position to become the planet’s 16th largest economy by the year 2050.

HSBC considered five key benchmarks in the conduct of its studyâ€"population size, population growth rate, level of education, commitment to free trade, and track record of fiscal discipline. It was on these parameters that the Philippines was given its optimistic prognosis.

The report asserts that our high literacy rate, coupled with our developed educational system (in both specialized and vocational skills), puts us in the position to possess one of the largest and most productive working populations in the world by the year 2050. Technology transfer brought about by the OFW phenomenon is a contributing factor as well. HSBC believes that the sheer size and inherent talents of our population is what will drive the economy in years to come.

[chriswise]

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