Good to the Filipino’s Philippines is now hit 7.3% Economic Growth reports of 2010 – 2050 and now declared Worlds Top 6 Most Fastest growing economy.
In the 2012 Wealth Report, the Philippines is forecast to grow by seven.3% between 2010 and 2050, creating it the sixth quickest growing economy within the world.
MANILA, Philippines – The Philippines is predicted to be among the quickest growing economies within the world between 2010 and 2050, in line with a study discharged by Knight Frank and Citi non-public Bank.
In the 2012 Wealth Report, the Philippines is forecast to post a Gross Domestic Product (GDP) growth of seven.3% throughout the amount, creating it the sixth quickest growing economy within the world.
FAST GROWING. The Philippines is projected to be among the quickest growing economies within the world, consistent with the 2012 Wealth Report. This and therefore the graphics below square measure taken from the report free by Knight Frank and Citi non-public Bank.
The Philippines registered a seven.3% growth in 2010, however caught up to three.6% in 2011 because the world economy hit demand for Philippine exports and therefore the government spent less-than-planned on infrastructure comes.
The Philippine government expects the native economy to remain resilient despite the economic challenges of key commerce partners within the west. it’s targeting a five-hitter to six growth this 2012 — slower than the 2012 Wealth Report’s annual growth forecast.
This 2012 Wealth Report mirrors a study free in January by HSBC, that forecast that the Philippines might become the world’s sixteenth largest economy by 2050.
HSBC, the international British bank, cited demographics and rising education standards to assist the Philippines grow by a median of seven annually over consequent forty years.
The 2012 Wealth Report, on the opposite hand, cited the “shifting stress to the East.”
“The world economy swollen, however the pace of growth was a lot of slower than in 2010. The USA economy grew by simply one.8% and GDP within the troubled eurozone rose simply one.6%. In distinction, Asia managed to chalk up economic process of seven.9%, though even this was down on the nine.5% achieved twelve months earlier,” it said.
“The London faculty of economic science academician Danny Quah forecasts that by 2050 the world’s economic centre of gravity, a theoretical live of the pay attention of worldwide economic activity supported GDP, can have shifted eastward to lie somewhere between China and Bharat,” it added. “In 1980 it had been within the middle of the Atlantic.”
The report cited AN indicator: the growing range of centa-millionaires or those with $100 million or additional in assets.
It calculable that there area unit eighteen,000 centa-millionaires within the region covering South-East Asia, China and Japan. this can be over North America, that has seventeen,000, and Western Europe with fourteen,000. By 2016, this region is predicted to own extended its lead, with Ledbury analysis estimating twenty six,000 centa-millionaires, compared with twenty one,000 in North America and fifteen,000 in Western Europe.
“These forecasts area unit influenced by the expected economic performance of nations within the Asia-Pacific region. whereas speedy value growth doesn’t in itself guarantee a pointy rise in HNWIs (high-networth individuals), apace growing economies do give key opportunities for large-scale wealth creation,” the report aforementioned.
Citi non-public Bank, a wealth management unit of the transnational financial organization, enclosed the Philippines and therefore the different countries in its list of worldwide Growth Generators – or “3G” countries that over future five, 10, twenty and forty years area unit expected to deliver high growth and profitable investment opportunities.
Citi enclosed “Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Democratic Socialist Republic of Sri Lanka and Vietnam on this [‘3G’] list.”
Not enclosed were Russia and Brazil — 2 of the alleged BRIC nations aboard China and Asian country — since it aforementioned “there area unit different key countries with promising probabilities for growth that don’t essentially match the standard assumptions concerning wherever future growth can emanate from.”
“All of those countries area unit poor nowadays and have decades of catch-up growth to seem forward to. a number of them, together with Nigeria, Mongolia, Republic of Iraq and Dutch East Indies, even have massive natural resources that we have a tendency to hope are going to be additional helpful than they therefore usually are within the past,” the report aforementioned.
Aside from the Philippines, the opposite 2 Southeast Asian countries enclosed within the prime ten quickest growing economies between 2010 and 2050 area unit Vietnam, that ranks fifth and expected to grow by seven.5%, and Dutch East Indies, hierarchical eighth with average growth of vi.8% between 2010 and 2050.
Citi projected that China can overtake the U.S. to become the world’s largest economy by 2020, that successively are going to be overtaken by Asian country in 2050.
While Filipinos may not be as important now or in the near future, it is most certainly among the nationalities that should be watched in terms of luxury products and services, including second homes.
The Wealth Report said Filipinos, along with Egyptians, Mongolians, Nigerians, and Vietnamese, are among the nationalities that could be important second home buyers in the future.
The top second home buyers right now are from Russia, Hong Kong, United Kingdom, France, US, Sweden, Germany, China, Singapore, and Canada.
But the nationalities that are growing in importance as primary second home buyers are the Chinese, Indian, Brazilian Malaysian, Norwegian, Kazakhstani, Australian, Indonesian, Turkish, and middle eastern, particularly those from the United Arab Emirates (UAE).
The 2012 Wealth Report pulled together wealth creation, economic risk and politics in the performance of prime residential and commercial property markets, as well as other luxury products.
Citi Private Bank provides products and services to high-net-worth individuals or those who have over US$25 million of investable assets.