Wealth Report predicts PHL as one of Top 10 fast growing economies
The recent Wealth Report by the Knight Frank and Citi Private Wealth showed that the Philippine economy will be one of the top 10 fastest growing economies by 2050.
The report puts the Southeast Asian archipelago at the 6th spot with a gross domestic product (GDP) of 7.3 percent after Nigeria, India, Iraq, Bangladesh, and Vietnam.
The African country of Nigeria is projected to have a growth rate of 8.5 percent while India, Iraq, Bangladesh, and Vietnam is forecasted to have a growth of 8, 7.7, and 7.5 percent, respectively.
Mongolia, Indonesia, Sri Lanka, and Egypt occupy the last spots with a 6.4 to 6.9 percent growth rate.
The report also states that the top ten countries that will have a slow growth rate by 2050 includes Spain, France, Sweden, Belgium, Switzerland, Austria, Netherlands, Italy, Germany, and Japan.