Vietnam economy to grow almost five times by 2035
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Vietnam’s economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.
Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy.
Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.
The report estimated Vietnam’s nominal GDP by 2035 to be $1.59 trillion from the current $341 billion, a nearly five-fold increase in 15 years.
Despite the Covid-19 pandemic, the Vietnamese economy, unlike most others, was able to escape a contraction in 2020 thanks to competent handling of the crisis, the report said. It grew at 2.91 percent.
The government has set a GDP growth target of 6.5 percent for 2021.
China will overtake the U.S. as the world’s biggest economy in 2035 after outperforming its rival during the global Covid-19 pandemic, according to CEBR.
Questions & Answers
Q.What is the expected ranking of Vietnam's economy by 2035?
What is the expected ranking of Vietnam's economy by 2035?
By 2035, Vietnam's economy is forecast to become the 19th largest globally. This growth is expected to see it surpass significant Asian economies such as Taiwan and Thailand.
Q.Which organisation published this report on Vietnam's economic prospects?
Which organisation published this report on Vietnam's economic prospects?
The report was released by the Centre for Economics and Business Research (CEBR), a U.K. Consultancy. It forms part of their annual league table assessing the growth prospects of 193 economies.
Q.How did Vietnam manage to avoid economic contraction during the Covid-19 pandemic in 2020?
How did Vietnam manage to avoid economic contraction during the Covid-19 pandemic in 2020?
Vietnam's economy managed to escape contraction in 2020 due to the competent handling of the crisis. Unlike most other economies, it still grew at 2.91 percent despite the pandemic.
Q.What is Vietnam's projected nominal GDP by 2035?
What is Vietnam's projected nominal GDP by 2035?
The report estimates Vietnam's nominal GDP will reach $1.59 trillion by 2035. This represents a nearly five-fold increase from its current nominal GDP of $341 billion over a 15-year period.