Accountancy firm PwC has just released a report outlining growth forecasts to 2050 for 32 of the largest economies in the world. It counts down where it predicts these countries will be in 2050 based on GDP at Purchasing Power Parity (PPP), which allows for a more accurate measure of what countries will be producing.
The second highest mover, the Philippines is forecast to have the world's 19th largest economy in 2050, up from the 28th in 2016. Although the country's economic performance is expected to be robust, PwC predicts strong population growth will be the main driver.
This forecast by PwC emphasis the huge potential of the Philippines to develop it's economy, and it should offer encouragement to existing or potential expats.
Economic forecast for Philippines in 2050
big dude 2
02 October 2017 06:42:26
10
bob18
02 October 2017 07:17:24
158
Yes, the biggest driver here in the Philippines for economic growth is the projected increase in population. This translate into increased numbers in the Foreign Workers Program, which is the largest source of outside income by far for the Philippines.
However, huge inefficiencies and red tape exist in all government departments. Along with all the purported corruption, many foreign corporations are thinking twice about establishing themselves here. If these two items could be erased, the Philippines would be well on its way to making leaps in improving it's standard of living!
big dude 2
02 October 2017 07:24:48
10
I would hope that the current administration would have plans to address these inefficiencies. The potential rewards are great (no gain without pain!).
Subscribe to this topic
Articles to help you in your expat project in the Philippines
Opening a bank account in the Philippines
To answer the most common question, yes, expats can open a bank account as long as they have a valid resident visa ...
Bank account in the Philippines
If you are a intending to become a permament resident here in the Philippines you will certainly need a local ...
Money transfer options in the Philippines
The old system of transferring money from your bank in your home country to the Philippines and hoping for the ...
Lifestyle in the Philippines
About to move to the Philippines? Wondering how you're going to adapt to your new environment and lifestyle ...
Dating in the Philippines
The beauty of the Philippines, with its dramatic modern and old Spanish architecture, plus the golden sands and ...
Leisure activities in the Philippines
Consisting of more than 7,000 islands, the Philippines is a real treasure that you can explore during your stay ...
Open a bank account that suits you
Discover the best international banks to manage your money securely.
"