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HSBC study sees PHL as world’s 16th biggest economy in 2050 – report
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(Updated 7:17 p.m.) The Philippines will likely be the world’s 16th biggest economy in 2050, CNN reported Thursday, citing a recent report by HSBC Global Research.
This reflects a 27-notch improvement from the Philippines’ position among global markets in 2010, HSBC reportedly said. http://business.blogs.cnn.com/2012/01/12/worlds-top-economies-in-2050-will-be/
The world’s number one economy in 2050 will likely be China, followed by the United States, according to HSBC.
Meanwhile, HSBC Global Research outlined conditions for such economic growth. “We openly admit that behind these projections we assume governments build on their recent progress and remain solely focused on increasing the living standards for their populations,” it said.
“If we step away from the cyclicality,” the think-tank added, “there are two ways economies can grow; either add more people to the production line via growth in the working population, or make each individual more productive.”
GMA News Online is still trying to access a full version of the HSBC report as of this posting.
The report, however, said economies could be derailed in moving forward by factors like “war, energy consumption, constraints, climate change, and growing barriers to population movement across borders,” CNN noted.
Enhancing higher education
The Department of Budget and Management said in a Jan. 10 statement that President Benigno Aquino III allotted an additional P4.2 billion for state universities and colleges (SUCs).
“President Aquino is committed to enhancing the quality of higher education and increasing the competitiveness of our state universities and colleges. He decided to expand the funds for public tertiary education to give Filipino students a much-needed educational boost, as well as to upgrade the standards of excellence among our SUCs,” Budget Secretary Florencio B. Abad said in the statement.
But the Wall Street Journal (WSJ) reported Philippine output will grow by just 3.6 percent in 2012, citing an Asian Economics Quarterly report also published by the HSBC this month.
The steady growth of remittances from Overseas Filipino Workers will likely be the salvation, as it is expected to fuel domestic spending, HSBC said.
In her essay "It's the Economy, student!" former President Gloria Macapagal-Arroyo criticized the loss of momentum in the economy when Aquino took over.
She compared the 7.9-percent growth rate when she left office in 2010 to the 3.2-percent recorded in October to December 2011 under Aquino’s term. — With Lian Buan/Paterno Esmaquel II/VS, GMA News
This reflects a 27-notch improvement from the Philippines’ position among global markets in 2010, HSBC reportedly said. http://business.blogs.cnn.com/2012/01/12/worlds-top-economies-in-2050-will-be/
The world’s number one economy in 2050 will likely be China, followed by the United States, according to HSBC.
Meanwhile, HSBC Global Research outlined conditions for such economic growth. “We openly admit that behind these projections we assume governments build on their recent progress and remain solely focused on increasing the living standards for their populations,” it said.
“If we step away from the cyclicality,” the think-tank added, “there are two ways economies can grow; either add more people to the production line via growth in the working population, or make each individual more productive.”
GMA News Online is still trying to access a full version of the HSBC report as of this posting.
The report, however, said economies could be derailed in moving forward by factors like “war, energy consumption, constraints, climate change, and growing barriers to population movement across borders,” CNN noted.
Enhancing higher education
The Department of Budget and Management said in a Jan. 10 statement that President Benigno Aquino III allotted an additional P4.2 billion for state universities and colleges (SUCs).
“President Aquino is committed to enhancing the quality of higher education and increasing the competitiveness of our state universities and colleges. He decided to expand the funds for public tertiary education to give Filipino students a much-needed educational boost, as well as to upgrade the standards of excellence among our SUCs,” Budget Secretary Florencio B. Abad said in the statement.
But the Wall Street Journal (WSJ) reported Philippine output will grow by just 3.6 percent in 2012, citing an Asian Economics Quarterly report also published by the HSBC this month.
The steady growth of remittances from Overseas Filipino Workers will likely be the salvation, as it is expected to fuel domestic spending, HSBC said.
In her essay "It's the Economy, student!" former President Gloria Macapagal-Arroyo criticized the loss of momentum in the economy when Aquino took over.
She compared the 7.9-percent growth rate when she left office in 2010 to the 3.2-percent recorded in October to December 2011 under Aquino’s term. — With Lian Buan/Paterno Esmaquel II/VS, GMA News
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