2015 promises to be a great year for the Philippines in terms of economy and other growth factors. Decades of struggle with weak growths and poor economic performance, the country has finally evolved into a tiger economy. 2014 registered a 6.1% economic growth for the country, lower than the 7.2% registered the previous year.
Nevertheless, that figure still placed the Philippines just behind China as the top 2 fastest growing economies in Asia. According to Bloomberg, the Philippines will maintain this growth trend in 2015 and together with China, will be the only two countries expected to break the 6 percent growth barrier this year.
This tremendous economic growth experienced by the nation is attributed mostly to two main drivers: OFW remittances and the offshore outsourcing industry. In just five years, the outsourcing industry has doubled up on its revenues, reaching figures as high as $13.3 billion. The World Bank and other industry experts forecasted a continuing bright future for the industry, with earnings projections that could reach $25 billion by 2016 (generating 1.5 million new jobs) and $55 billion by the year 2020.
Digital Marketing Philippines would like to bring you on a wonderful joyride as we explore trends, changes and growth indicators in the Philippines outsourcing industry that will most likely all take place in 2015 – and continue on its upward spiral on the periods beyond.
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