With an estimated 99 million inhabitants Philippines is the world’s 12th-most-populous country and was ranked as the 38th largest economy in the world in 2013.
Average annual GDP growth per capita for the period 1966–2007 stands at 1.45% in comparison to an average of 5.96% for the East Asia. But Goldman Sachs includes the country in its list of the “Next Eleven” economies and estimates that by the year 2050, it will be the 14th largest economy in the world. HSBC also projects the Philippine economy to become the 16th largest economy in the world, and the largest economy in the South East Asian region by 2050.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits.
Service industries such as tourism and business process outsourcing have been identified as areas with some of the best opportunities for growth for the country.
Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand.
The economy is heavily reliant on remittances which surpass foreign direct investment as a source of foreign currency. Regional development is uneven with Luzon gaining most of the new economic growth at the expense of the other regions, although the government has taken steps to distribute economic growth by promoting investment in other areas of the country.
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