Out of 57 countries in an economists’ survey, the Philippines ranked second, next to China, among top economies expected to dominate global growth projections in 2015. The survey by New York-based data and media company Bloomberg, released on February 26, cited the top 5 – China, the Philippines, Kenya, India, and Indonesia – as markets that are forecast to grow more than 5% this year. These countries together make up 16% of global product.
Countries in Asia and Africa dominated the list – Nigeria, Malaysia, Peru, Thailand, United Arab Emirates, Kazakhstan, Colombia, Saudi Arabia, Taiwan, Turkey, South Korea, Poland, Mexico, Ireland, and Singapore. “Emerging markets in Asia and Africa still reign supreme: They are at the top of global growth projections over the next two years,” Bloomberg said. World economies are expected to grow by 3.2% in 2015 and 3.7% next year.
Bloomberg said the Philippines is a leading Asian tiger economy. An economist of multinational Deutsche Bank AG considers the Philippines the brightest economic star in Asia, when asked where the best place to be in the Asia-Pacific region.
Bloomberg charted the Philippines’ growth in five areas: Gross Domestic Product (GDP), manufacturing, exports, consumption, and working population demographic. For the full year of 2014, the country grew by 6.1%; its 6.9 GDP growth in fourth quarter of last year was second fastest in Southeast Asia. Foreign investments and exports surged, particularly electronics and apparel. Steady private spending in the last three years was driven by rising remittances. Millions of Filipinos working abroad sent a record $27 billion last year to families. The country is cited for young workforce demographic, with 10-24 years old at 31%.
The country is the world’s largest center for Business Process Outsourcing (BPO). It has a strong industrial sector based on manufacturing of electronics and high-tech components for export. It is rich in natural resources, having chromite, nickel, copper, and coal reserves.
Agriculture, industry, and services showed positive growth in the fourth quarter of 2014: Agriculture industry grew by 4.8%, mainly due to rebound in crops and fisheries output. Industry grew by 9.2%, its highest in the last six consecutive quarters since the third quarter of 2013, pulled up by double-digit growth in construction, due to strong demand for office and residential space. The services sector grew by 6%, the largest growth contributor, due to recovery in public administration, communications, and transportation, plus stronger growth in real estate and renting. BPO employs one million Filipinos; it expects to hire 1.3 million and earn $25 billion by 2016.