VGP – The United Kingdom’s Center for Economics and Business Research (CEBR) predicted that Viet Nam may become the 21st largest economy in the world by the year of 2038.
The Vietnamese economy is now the 34th largest economy.
Viet Nam and the Philippines are among two economies in Southeast Asia that are projected to make a big leap in the World Economic League Table (WELT) between 2023 and 2038, according to CEBR.
Viet Nam is notable illustrations for the group of countries anticipated to enhance their standing by developing their positioning within the global value chain, implementing domestic reforms and improving the productivity which can be achieved through the efficient mobilization of public and private capital, the center highlighted.
It emphasized that Viet Nam has demonstrated significant progress and is expected to climb 10 steps by 2038, with big opportunities to surpass most countries in ASEAN, behind only Indonesia, to join the top 25 economies in the world.
CEBR also predicted a positive outlook in Viet Nam over the next 15 years, with its population advantage, the country can likely achieve its goal of becoming a high-income country by 2045.
Viet Nam’s GDP growth was estimated at 5.05 percent in 2023 compared to 8.02 percent of the previous year, the General Statistics Office reported.
Last year, the Southeast Asian country’s GDP size was estimated at US430billionandGDPpercapitaincreasedbyUS4100, according to GSO.
Viet Nam was ranked 12th out of 20 countries with the highest rate of economic growth over the past 10 years, according to Harvard Inco…
The Southeast Asian country maintained an average real GDP growth rate of 6.3 percent over the last decade.