Philippines Is The Best Country To Invest In Now Says World Bank Report
Business process outsourcing companies are multiplying on the streets. So many hotels and casinos are rising. Foreign businessmen, students, and individuals are flocking the country. But why?
In a new report by US News, guided by the study of the World Bank Group on international investment climates, the Philippines was named the best country in the world to invest in.
The report surveyed over 21,000 people from different backgrounds all over the world to review 80 different countries foreign business investment climate. US News zoomed in to eight particular segments—entrepreneurship, economic stability, favorable tax environment, innovation, skilled labor, technological expertise, dynamism, and corruption—to come up with the 20 best countries to invest in.
Surprisingly, the Philippines fared abysmally in other ratings, ranking 49th out of 80 countries in the Best Countries overall list, 55th in the Best Countries for Education, 55th for Best Countries for Women, 50th in Most Influential Countries, and only ranking 68th in Most Transparent Countries.
But when it comes to the Best Countries To Start a Business in, the Philippines fared a strong Top 11. Out of the top 5 of the Best Countries to Invest In, four were southeast Asian countries—and the Philippines was sitting right at the top.
With a population of 103.3 million, total GDP of $304.9 billion and a GDP growth of 6.9 percent, Philippine was considered the best country in the world to invest in this year. According to data from the United Nations, the country is poised to benefit generously from foreign direct investment (FDI) that will come from regional powerhouses like China, who is looking to utilize labor from developing nations. The country's strong GDP growth could also be a factor despite its low GDP, meaning that there is much room for the country's economy to grow--ergo, the investments.
Check out the full top 20 countries to invest in 2018 below, with their total GDP and GDP growth
- Philippines - $304.9 billion, 6.9%
- Indonesia - $932.3 billion, 5%
- Poland - $469.5 billion, 2.9%
- Malaysia - $296.4 billion, 4.2%
- Singapore - $297.0 billion, 2%
- Australia - $1.2 trillion, 2.8%
- Spain - $1.2 trillion, 3.3%
- Thailand - $406.8 billion, 3.2%
- India - $2.3 trillion, 7.1%
- Oman - $66.3 billion, n/a
- Czech Republic - $192.9 billion, 2.6%
- Finland - $236.8 billion, 1.9%
- Uruguay - $52.4 billion, 1.5%
- Turkey - $857.7 billion, 3.2%
- Ireland - $294.1 billion, 5.1%
- Netherlands - $770.8 billion, 2.2%
- United Kingdom - $2.6 trillion, 1.8%
- Brazil - $1.8 trillion, -3.6%
- France - $2.5 trillion, 1.2%
- Chile - $247 billion, 1.5%