HSBC report: Ukraine likely to be among TOP3 fastest growing economies in 2050
2012-01-25 17:40:03
In 2050 Ukraine may be among the world's three fastest growing economies, UKRINFORM reported quoting the Gazeta po-ukrayinsky newspaper.
The edition, citing a study by HSBC Global Research, said that the leaders of growth will be the Philippines, Peru and Ukraine.
According to forecasts, the world's number one economy in 2050 will likely be China, followed by the United States due to liberal reforms launched in the 1980s.
Ukraine's potential lies in a high educational level of citizens, the possibility of creating a favorable investment environment through the implementation of a transparent judicial system that should compensate for the negative from reducing the country's population by 9 million, according to the researchers.
Meanwhile, HSBC Global Research outlined conditions for such economic growth. "We openly admit that behind these projections we assume governments build on their recent progress and remain solely focused on increasing the living standards for their populations," it said. "If we step away from the cyclicality," the think-tank added, "there are two ways economies can grow; either add more people to the production line via growth in the working population, or make each individual more productive."
The report, however, said economies could be derailed in moving forward by factors like "war, energy consumption, constraints, climate change, and growing barriers to population movement across borders".