If this report proves to be true, Filipinos are up for great things to come their way. Although, true or not, this definitely means something more in a positive light for the country. It is known that in the business of investing and money markets, even the slightest news can mean a big difference. Ever watched the 2010 hit film "Wall Street: Money Never Sleeps"?
With an estimate of 7% average growth, Philippines is expected to take off sooner than we think. GDP is just one economic indicator, it will be up to how the government's policies and execution take advantage of the upcoming opportunity that will thread the way to a country's real development
In SunLife Financial, we always say that the best time to invest is Today! (If not yesterday). The fear of investing can only be overcome by investing. One doesn't have to have hundreds of thousands of pesos to gamble with, all it takes is the understanding and the right attitude towards building up your wealth. With all good things coming to our country and the proven stability amidst asian/european crises, the average pinoy should find the services of an investment company worth a shot. You wouldn't want to be left out when everything goes up would you?
For clarifications on what services SunLife Financial can offer send an email to : bryan.d.garcia@sunlife.com.ph
By Ansuya Harjani
Worries over the European debt crisis, a slow recovery in the U.S. and fears over a "hard landing" for China’s economy have left global investors searching for new markets for their money. For long-term investors that means identifying economies that have strong growth prospects driven by advantages such as demographics, natural resources or geography.
The following is a list of the 10 countries with the best prospects for long-term growth. It's based on a report from HSBC titled "The World in 2050," which forecasts what the economic landscape will look like over the next 40 years. Some of the economies are already known as economic powerhouses, while others may come as a surprise.
The ranking includes some of the world's fastest-growing economies as well as those that will have the largest gross domestic product in absolute size by 2050. Excluded are economies that are projected to be less than $400 billion in GDP by 2050. The 2010 and projected 2050 GDP numbers are from the HSBC report and are based on constant U.S. dollar exchange rate in 2000. We calculated the annual average growth rates over the 40-year period based on figures in the report
1. Philippines
2010: $112 billion*
2050 projected GDP: $1.688 trillion
The Philippines has one of the fastest-growing populations in Asia. The population is set to jump by almost 70 percent over the next 40 years, and HSBC believes the combination of its powerful demographics and strong fundamentals will drive the economy to become the world’s 16th largest by 2050. That would mark a jump of 27 places from its current ranking of 43.
The country is one of the world’s largest exporters of labor, with over 9 million Filipinos working abroad, according to the latest data from the Commission of Filipinos Overseas. In 2010, almost $19 billion was sent back to the Philippines as remittances from Filipinos working abroad.
More recently, the country’s fast-developing business process outsourcing (BPO) industry has helped keep some of the workforce from leaving the country. Already 350,000 Filipinos are estimated to work in call centers, compared with 330,000 Indians, according to the Contact Center Association of the Philippines. The industry is projected to provide more than 1 million jobs within two years.
The economy’s focus on the services sector and domestic consumption, as well as a lower exposure to global financial markets, helped it to escape a recession following the 2008 global financial crisis.
* Based on 2000 U.S. dollars
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