Deborah Jameson, Negosentro | Rome wasn’t built in a day, and the same goes for the Philippines. It sure is still an ongoing climb, but the progress the country is making in terms of economic development has earned them a reputation in the global arena.
Previously branded as the “sick man of Asia,” the Philippines has consistently risen over the years and transformed into the next tiger economy in the region.
This infographic lists the major factors that fueled the country’s economic development through the years. Growth may be hard to sustain, but the Philippines has been keeping up a steady pace nonetheless.
According to a study by Knight Frank and Citi Private Bank, the country’s GDP will maintain a 7.3% growth until 2050, which makes it one of the fastest growing economies not just in Asia, but in the world.
One of the main contributors to the country’s high GDP is the BPO sector, which contributed around $11 billion to the country’s economy last 2012, and has since grown through the years. Forecasts expect the Philippines to grow further, as the government plans to develop even more ‘Next Wave Cities’ for BPO companies to flourish.
In fact, according to a survey by GlobalEnglish, the Philippines is the best country in the world in business English, with a score of 7.0 in Business English. No wonder the country is a tough player in the BPO sector.
Aside from the BPO sector, the Philippines is also rising in other sectors mainly the service sector, industrial sector, and agricultural sector, which were all responsible for the 5.9% economic growth the country experienced last 2012.
The future is looking bright for the Philippines, and things are only going to get brighter as technology allows the country to compete in the global market. If you’re looking for a place to start or grow a business, then now’s a good time to start investing in the Philippines.