Saigoneer

BackStories » Vietnam » Vietnam to Become World's 20th Biggest Economy in 2050: Report

Vietnam to Become World's 20th Biggest Economy in 2050: Report

According to a new report, Vietnam could become the 20th largest economy in the world by 2050.

A new report by global consulting firm PricewaterhouseCoopers (PwC) indicates that Vietnam could jump from its current position as the 32nd largest economy to the 20th in 30 years, reports VnExpress.

This 12-spot leap of would be the world's largest, followed by the Philippines and Nigeria, which are expected to move up nine and eight places, respectively. 

PwC Vietnam's general director Dinh Thi Quynh Van said in 2015 that Vietnam was only expected to reach 22nd place in 2050, according to the news source. However, thanks to major global events such as Brexit and the US presidential election, huge economic changes are in store.

Van also added that Vietnam needs to carry out reforms and improve education in order to take full advantage of future economic shifts. 

In addition, the country's economy grew by 6.2% last year, and the World Bank has predicted an average growth rate of 6.3% over the next three years, reports VnExpress.

Vietnam won't be the only Southeast Asian winner in the new global economy: PwC reports Indonesia will become the world's fourth biggest economy in 2050, behind only China, India and the United States.


Related Articles:

After a Solid Year, Vietnam’s Economy Set to Hold Strong in 2017

How the TPP Will Transform Vietnam’s Economy Even If It Doesn’t Pass

Vietnam Set to Become Southeast Asia's Economic Powerhouse: Bloomberg


Video »

BUDX HCMC