The Philippines will be one of the world’s powerful economies by 2050 – largely driven by its population growth, according to a report by professional services giant PwC. In its 2017 report “The long view: how will the global economic order change by 2050?” PwC ranked 32 of the largest economies in the world, accounting for around 85% of world GDP, by their projected global gross domestic product by purchasing power parity. PwC analysis pegs the growth potential of the Philippines at #19 with a projected GDP at PPP of $3.334 trillion. Read Related Story: 7 Good Reasons to do Business in the Philippines PwC used the PPP measure of how gross domestic product at purchasing power parity adjusts for price level differences across countries, providing a better measure of the volume of goods and services produced. The report notes that many of the current powerful economies will be replaced by emerging markets in 33 years time. The Philippines is projected to make one of the greatest moves up the rankings, from IMF’s 2016 estimates at 28th spot to 19th spot in the 2050 PwC analysis for projections. The Philippines is projected to have an average annual GDP growth rate from 2016 to 2050 at 4.3%. The PwC report shows how growth in many emerging economies like the Philippines will be supported by relatively fast-growing populations, boosting domestic demand and the size of the workforce. PwC asserts though that this will, however, need to be complemented with investment in education Read More …
