Colombia (pron.: /kəˈlʌmbiə/kə-LUM-biə, or /kəˈlɒmbiə/kə-LOM-biə), officially the Republic of Colombia (Spanish: República de Colombia[reˈpuβlika ðe koˈlombja]), is a unitary constitutional republic comprising thirty-two departments. It is located in northwestern South America, bordered to the northwest by Panama; to the north by the Caribbean Sea; to the east by Venezuela and Brazil; to the south by Ecuador and Peru; and to the west by the Pacific Ocean. Colombia is the 26th largest country by area and the fourth largest in South America. With over 46 million people, the country is the 27th largest in the world by population and has the second largest population of any Spanish-speaking country in the world, after Mexico. Colombia is a middle power, and is the fourth largest economy in Latin America, and the third largest in South America. The production of coffee, flowers, emeralds, textiles, industrial chemicals, plastics, ferro-alloys, coal, oil and financial services are the most representative sectors of Colombia's economy. Colombia is an emerging market and it is also part of the group of emerging countries CIVETS. The world's third biggest bank HSBC has created a perspective on the economic outlook in 2050 where Colombia is seen playing a decisive role in the global economy, especially in the Americas.