BY MARC JAYSON CAYABYAB, GMA NEWS
The Philippines is projected to have the world’s sixth fastest growing economy in the next 40 years, according to Knight-Frank and Citi Private Bank’s 2012 Wealth Report. The report predicted that the Philippines will have an average yearly gross domestic product growth of 7.3 percent from 2010 to 2050.
The country will surpass Mongolia at 6.9 percent, Indonesia’s 6.8 percent, Sri Lanka’s 6.6 percent and Egypt’s 6.4 percent.
Nigeria topped the Wealth Report ranking with a GDP growth of 8.5 percent, followed by India at 8 percent, Iraq at 7.7 percent, Bangladesh at 7.5 percent and Vietnam at 7.5 percent.
“Citi research shows that while China and India are likely to grow rapidly over the next 40 years, there are other key countries with promising chances for growth that do not necessarily match the traditional assumptions about where future growth will emanate from,†said Grainne Gilmore, Knight Frank’s head of UK Residential Research.
Thus, instead of including Brazil and Russia on its list of Global Growth Generators (3G), “Citi include[d] countries such as Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam on this list,†the head researcher said.
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