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Vietnamese economy will grow 5.1% a year till 2050

Thursday, 09 February 2017

A report by the prestigious global accounting firm of PricewaterhouseCooper (PWC) predicts continued economic growth for Viet Nam until 2050 period, with annual GDP increase of on average 5.1 per cent, making it one the world’s most rapidly progressing countries. The report lists Vietnam as the 32nd largest economy in the world, with gross domestic product (GDP) value based on purchasing power parity (PPP) at US$595 billion. PWC anticipates the country will grow on average 5.1 per cent per annum, making it one the world’s most rapidly progressing countries.

The report predicted that by 2030, according to GDP based on PPP, Vietnam would climb up to number 29 in the world with GDP at $1.3 trillion, and would continue to rise until 2050 to become the 20th largest economy with GDP of $3.17 trillion. Together with Nigeria and the Philippines, Vietnam could make the greatest jumps in the ranking system until 2050. However, the forecast by PWC for Vietnam in 2015 was more positive. It estimated that the country would have GDP of $3.4 trillion in 2050 and a ranking of 22 on the world’s economic scale, with an annual growth rate of 5.3 per cent.

However, PWC warns Vietnam of the current volatile world situation, with major political events such as Brexit and Donald Trump’s presidency, all of which would cause crucial disruptions to the global economy until 2050. To achieve continuous success, as an emerging economy, Vietnam would need to significantly enhance institutions and infrastructure to realise the country’s long term growth potential and to develop on the basis of a more stable economic reconstruction. This can be done by perfecting the framework and the education system to help the domestic labour force contribute to long term economic development.

Source: Vietnamnews (08-02-2017) http://vietnamnews.vn/economy/350791/vn-economy-will-grow-51-a-year-till-2050-report.html#cgQW51pq3QIsrUxJ.97

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