A new report places the Philippines at number six among the world's ten fastest growing economies with an expected average growth of 7.3% over the next 38 years.
The country, according to the Knight Frank and Citi Private Wealth's 2012 Wealth Report, will be among the most rapidly growing economies in the world as developing markets in Asia become the major sources of growth across the globe by 2050.
At 7.3%, the Philippines' growth rate is projected to be faster than Mongolia's 6.9% growth rate, Indonesia's 6.8%, Sri Lanka's 6.6% and Egypt's 6.4%; all of which made the Citi report's top ten list. Also among the top ten fastest growing economies is Nigeria which, at an expected growth rate of 8.5% over the same period, is no. 1 on the list.
Citi chief economist Willem Buiter said in the report that the Philippines is going to be among the world's top "global growth generators" or "future drivers of growth and investment potential."
The Philippine Star quotes the Citi report as saying that their research shows that "while China and India are likely to grow rapidly over the next 40 years, there are other key countries with promising chances for growth that do not necessarily match the traditional assumptions about where future growth will emanate from."
"For example, Russia and Brazil, which make up the so-called BRIC nations alongside China and India, do not make Citi's list of Global Growth Generators or "3G" countries. Instead, Citi includes countries such as Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam on this list," the Citi report further said.