Forecast Shows Vietnam to Rank 21st Place in World's Top Economies by 2038
The British consulting center CEBR has just released a forecast showing that Vietnam's economy is facing a very positive prospect in the next 15 years.
Specifically, Vietnam is currently ranked 34th on the CEBR World Economic Leading Table (WELT). The table forecasts that in 2024, Vietnam will increase 1 rank to 33rd then will continue to increase rapidly to 24th position in 2033 before becoming the world's 21st top economy in 2038.
According to CEBR, with the current population advantage, Vietnam can achieve its goal of becoming a high-income country by 2045. With a large and relatively young dynamic population, Vietnam has the opportunity to overtake the current leading countries in ASEAN economically such as Singapore, Thailand, and Malaysia.
Along with Vietnam, the Philippines is also a country with remarkable growth and could reach 23rd position by 2038.
|A view of Ho Chi Minh City - Vietnam's southern economic hub (Photo: VNA)
In particular, CERB evaluates that Vietnam and the Philippines both showed outstanding growth in repositioning the global value chain, adopting internal reforms, and increasing the productivity of the workforce. These achievements are thanks to the effective accumulation of public and private investment capital, hence the improvement in rankings.
However, CEBR's assessment refers to the proportion of the economy, not to the average income in a country, the division between rich and poor, or other issues.
As one of the UK's leading economics consultancies, CEBR supplies economic forecasting and analysis to private firms and public bodies. The latest edition of its World Economic League Table, WELT 2023, is CEBR's 14th annual world economic outlook report. It is produced at a time of significant change in the world order and increasing global economic uncertainty.
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