Illustrative image (Photo: Bloomberg) Hanoi (VNS/VNA) - Vietnam is among the top 20contributors to global economic growth, according to a Bloomberg analysis ofInternational Monetary Fund (IMF) data.
The country, along with Indonesia, Malaysia, the Philippinesand Thailand – all from the ASEAN bloc – were named as major drivers of growthagainst a gloomy backdrop of stalled international trade, rising uncertaintyand escalating trade tension, which has been forecast to result in slower growthin the next five years on a global scale.
Traditional top players such as China and the US are likelyto experience slow growth with China’s share of global GDP expected to fallfrom 32.7 percent in 2018-2019 to 28.3 percent by 2024, a steep fall off of 4.4percentage points.
The US economy looks to slip from 13.8 percent to 9.2 percentby 2024, losing its second seat to India, whose share is projected to reach15.5 percent.
Other large economies such as Japan and the UK stand to losetheir ranking to emerging economies such as Brazil and Russia with the UK’sgrowth suffering a heavy blow from the effect of Brexit, falling from 9th placeto 13th.
Vietnam, however, is unlikely to retain its place among thetop 20 countries over the next five years as it’s facing numerous dauntingchallenges to sustain the rapid growth it has experienced in previous years.Indonesia, Malaysia, the Philippines and Thailand, on the other hand, areprojected to stay right on track of their impressive growth path.
In addition, the IMF’s data showed the global growth enginesin five years include Canada, Mexico, Pakistan, Poland, Saudi Arabia, Spain andTurkey./.
The country, along with Indonesia, Malaysia, the Philippinesand Thailand – all from the ASEAN bloc – were named as major drivers of growthagainst a gloomy backdrop of stalled international trade, rising uncertaintyand escalating trade tension, which has been forecast to result in slower growthin the next five years on a global scale.
Traditional top players such as China and the US are likelyto experience slow growth with China’s share of global GDP expected to fallfrom 32.7 percent in 2018-2019 to 28.3 percent by 2024, a steep fall off of 4.4percentage points.
The US economy looks to slip from 13.8 percent to 9.2 percentby 2024, losing its second seat to India, whose share is projected to reach15.5 percent.
Other large economies such as Japan and the UK stand to losetheir ranking to emerging economies such as Brazil and Russia with the UK’sgrowth suffering a heavy blow from the effect of Brexit, falling from 9th placeto 13th.
Vietnam, however, is unlikely to retain its place among thetop 20 countries over the next five years as it’s facing numerous dauntingchallenges to sustain the rapid growth it has experienced in previous years.Indonesia, Malaysia, the Philippines and Thailand, on the other hand, areprojected to stay right on track of their impressive growth path.
In addition, the IMF’s data showed the global growth enginesin five years include Canada, Mexico, Pakistan, Poland, Saudi Arabia, Spain andTurkey./.
VNA
