Vietnam’s economy is expected to move to the 19th position in the rankings of the World Economic League Table in 2035, according to the Centre for Economics and Business Research (CEBR).
A corner of Ho Chi Minh City
In its World Economic League Table 2021 released recently, CEBR said that Vietnam’s annual rate of GDP growth is forecast to pick up to an average of 7 percent between 2021 and 2025.
Over the subsequent ten years, CEBR forecasts that the Vietnamese economy will expand by 6.6 percent on average each year. The next 15 years are set to see Vietnam climb rapidly up the rankings of the World Economic League Table and its position will move from 37th in 2020 to 19th in 2035.
Vietnam has so far had a more contained COVID-19 outbreak than has been observed elsewhere in the world, the centre said, adding that despite the pandemic, the economy was able to escape a contraction in 2020.
Vietnam’s gross domestic product (GDP) grew by 2.91 percent this year, statistics released by the General Statistics Office (GSO) showed.
Though the figure was the lowest during the 2011-2020 period due to the adverse impacts from the COVID-19 pandemic, Vietnam’s growth remains among the world’s highest.
Specifically, the country’s GDP expanded by 3.68 percent in the first quarter, 0.39 percent in the second quarter, 2.69 percent in the third quarter and 4.48 percent in the fourth quarter./.VNA
Vietnam’s prospects appear positive as the economy is projected to grow by about 6.8 percent in 2021 and, thereafter, stabilise at around 6.5 percent, according to the latest World Bank’s economic update for Vietnam “Taking Stock”.