Vietnam is world’s 14th biggest economy in 2050
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Vietnam is to be the world’s 14th biggest economy by 2050 with GDP’s growth rate at 8.8 percent - the highest in the world - when measured against purchasing power parities (PPP), said PricewaterhouseCoopers.
According to a forecast by the UK financial consulting firm, Vietnam’s GDP is projected at US$3,939 billion by 2050.
The ranking that takes into account price differences among countries means the Vietnamese economy will be bigger than developed nations like Italy, Canada, South Korea, and Spain.
The Southeast Asian country’s average annual real growth rate in GDP between 2009 and 2050 is estimated at 8.8 percent, the highest in world.
China’s GDP is expected to grow 5.9 percent on the average while its rival India is predicted to achieve an 8.1 percent rise during the same period.
At present, nine out of the ten biggest economies in the world as measured by market exchange rates are developed nations. But by 2050, according to PricewaterhouseCoopers, that number will slump to just four with the US at number two behind China, Japan at 5, Germany at 8 and the UK at 9.
When using PPP, the decline in the west happens even more quickly with the US falling to third behind China and India by 2050 and the UK in 10th place, one place below Germany.
Vietnam has just been rated the world's 139th freest economy in a 2011 ranking released Wednesday by the U.S.-based Heritage Foundation, up from 144th last year.
