Love this news, I think the future of our children and their children are in good hands under the BN led Federal Government, :
"According to the HSBC analysis, come 2050, Malaysia will be No. 20 among the world's top 30 economies, as ranked by the size of gross domestic product (GDP). That will mean climbing 17 rungs between now and 2050, the biggest jump recorded by any of these 30 countries. Thailand, the Netherlands, Switzerland, Hong Kong and South Africa are among those below Malaysia in the league table. Singapore will not even be in HSBC's top 30"
Malaysia GDP to surge to US$1.16tril by 2050
Published: 2011/01/11(Business Times)
The size of Malaysia’s economy will surge to US$1.16 trillion (US$1=RM3.04) within the next four decades, making it among the top 30 economies in the world in 2050.
According to World Bank, Malaysia’s gross domestic product (GDP) as of 2009 was about US$193.09 billion.
"In 2050, Malaysia, with a population of 40 million then and per capita income of US$29,247, will be at 20th spot, escalating by 17 ranks," said HSBC Global Research in its report, "The World in 2050: Quantifying the shift in the global economy".
It said the collective size of the economies, currently deemed 'emerging', including Malaysia, would have increased five-fold and be larger than the developed world by 2050.
HSBC said based on its analysis of the Top 30 economies ranked by size of GDP in 2050, 19 of them would be countries that were currently described as emerging, including Malaysia.
It said Malaysia, along with Mexico, Turkey, Indonesia, Egypt, Thailand, Colombia and Venezuela, were listed as the emerging economies that would experience substantial progress up the global league table.
"These projections combine prospects for per capita GDP and the demographic outlook," it said.
HSBC said Malaysia, Thailand and Indonesia demonstrated rapid rates of growth and as the education and policy systems developed, these were likely to be sustained over the forecast horizon.
"Malaysia will see strong growth in its workforce, growing by over 35 per cent in the same time frame. "The nation is also listed among the economies that have good foundations in that the education levels, rule of law and monetary stability," it said.
Meanwhile, HSBC said the US and UK, with better demographic outlooks, were relatively successful at maintaining their positions.
However, the small population, ageing and rich economies in Europe were the big losers, it said. "Switzerland and the Netherlands slip down the grid significantly, and Sweden, Belgium, Austria, Norway and Denmark drop out of our Top 30 altogether," it said. -- Bernama
read more here.
Read also TheStar's very good comment on the HSBC Report.
Is 2050 our next big target?
By ERROL OH
HSBC report projects Malaysia as a top-30 economy 40 years from now, but there are ifs and buts.
FORGET the Mayan prophecy that doomsday will occur on Dec 21 next year. Which would you rather pin your hopes on an ancient calendar of a collapsed civilisation or a recent 46-page economic report by an international bank? HSBC Bank plc issued the report, The World in 2050: Quantifying the Shift in the Global Economy, on Jan 4, and it's relevant to us here because Karen Ward, the bank's senior global economist and lead author of the report, seems pretty optimistic that Malaysia will fare well over the next four decades.....
.....We should take note that despite the amount of number-crunching and rationalising, the HSBC report is produced so as “to provide a framework for thinking” about issues related to the seismic shift in the global economy caused by the rapid growth of the emerging markets. We can remain hopeful, but let's not lose sight of the fact that an exercise like this comes with its fair share of ifs and buts. After all, HSBC is not in the business of making prophecies.
Says the report: “In a nutshell, our projections are based on a rather rosy backdrop everything is going right, governments and policymakers are doing the right thing.” In other words, things can go horribly wrong if the policymakers fail to make good decisions. We probably can learn that from the Mayans as well, can't we?
Must read the full article by Errol Oh here.
Errol Oh's words are wise words indeed "In other words, things can go horribly wrong if the policymakers fail to make good decisions. We probably can learn that from the Mayans as well, can't we?"
I think its not just about policymakers making the wrong decision, but also about us Malaysians voting in the right Government into office. Lets not choose a coalition of political parties which have little common political objectives, more interested in politicizing issues then governing as well as they should and lets not choose a coalition which is led by a person who has been convicted and jailed for abuse of power whose own party could not even hold a decent internal election for its office bearers.
Also the doom and gloom forecasters from the DAP and PKR dan sewaktu dengan mereka, they can retire, Malaysia is in good hands they can choose to migrate to Australia or anywhere else they think life should be like.