Vietnam predicted to be among the top 25 world economies by 2038
VOV.VN - The Centre for Economics and Business Research (CEBR), one of the UK's leading economics consultancies has evaluated both Vietnam and the Philippines as two Southeast Asian economies with the ability to "leap forward" in the World Economic League Table (WELT) rankings from now to 2038.
According to details provided by the CEBR, the country is currently ranked 34th on WELT and is expected to move up one place to rank 33rd before continuing to be placed 24th in 2033, duly becoming the 21st economy in the world in 2038.
Meanwhile, the Philippines is also enjoying remarkable growth and is anticipated to reach 23rd place by 2038.
In particular, in the introduction to the recently announced rankings, CERB evaluated both states as being outstanding illustrations for the group of countries expected to improve their rankings thanks to repositioning in the global value chain. This will be achieved through adopting internal reforms and increasing the productivity of workforce, all of which can be achieved through the efficient accumulation of public and private capital.
CERB emphasized that both countries have shown significant progress and are expected to climb another 10 and 13 places by 2038, with "full opportunities" to enter the group of 25 leading economies in the world.
CEBR's comments refer to the proportion of economies, not to the average income in a country, as well as the division between rich and poor or other issues.
According to the consultancy, the country faces a very positive prospect over the next 15 years. With its existing population advantage, the nation is likely to achieve its goal of becoming a high-income country by 2045.
With a large and relatively young population, the nation has the opportunity to surpass most of the current "older" countries in ASEAN economically, such as Singapore, Thailand, and Malaysia, to be only behind Indonesia among top 25 world economies by 2038.
