Sun, 21st Apr 2024 00:41 (GMT +7)

Viet Nam to become 21st largest economy by 2038: CEBR

Thursday, 04/01/2024 | 16:30:00 [GMT +7] A  A

The United Kingdom’s Center for Economics and Business Research (CEBR) predicted that Viet Nam may become the 24th largest economy in the world by 2033 and 21st by 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 CERB.

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 full 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 for 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 US$430 billion and GDP per capita increased by US$160 year-on-year to US$4,284.

Viet Nam was ranked 12th out of 20 countries with the highest rate of economic growth over the past 10 years, according to Yahoo!Finance.

The Southeast Asian country maintained an average real GDP growth rate of 6.1 percent over the last decade.

Source: VGP