Vietnam set to become 19th largest economy in the world by 2035
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The annual report released by the CEBR indicates that the nation is currently a lower middle-income country with the average GDP per capita based on the purchasing-power-parity reaching US$10,755 for this year.
The nation’s GDP growth rate is expected to decrease by 1.6% this year due to the overall impact of the novel coronavirus (COVID-19) pandemic, thereby representing a sharp decline compared to the GDP growth rate of 7% recorded last year.
Furthermore, the annual GDP growth rate is projected to reach an average of 7% during the course of the 2021 to 2025 period. Indeed, CEBR forecasts that the local economy will witness average annual growth of 6.6% over the coming 10 years.
According to the rankings compiled by CEBR, the country is currently the 37th largest economy in the world, behind Taiwan (China) in 21st place, Thailand in 27th, and the Philippines in 32rd.
Moreover, the Japan Center for Economic Research (JCER) forecasts that the nation will become an upper middle-income country by 2023, with the country’s per capita income being US$11,000 by 2035.
In addition, the scale of the national economy is anticipated to become the second largest in the region, behind only Indonesia. CEBR also anticipates that China will become the world's largest economy by 2028, surpassing the United States five years ahead of their previous projection.
