Illustrative image (Source: CNBC)Thereport issued on February 7, entitled “The World in 2050 - The long view: Howwill the global economic order change by 2050?” lists Vietnam as the 32ndlargest economy in the world, with gross domestic product (GDP) value based onpurchasing power parity (PPP) at 595 billion USD.
PWCanticipates the country will grow on average 5.1 percent per annum, making itone the world’s most rapidly progressing countries.
Thereport predicted that by 2030, according to GDP based on PPP, Vietnam wouldclimb up to No. 29 in the world with GDP at 1.3 trillion USD, and would continueto rise until 2050 to become the 20th largest economy with GDP of 3.17 trillionUSD.
Togetherwith Nigeria and the Philippines, Vietnam could make the greatest jumps in theranking system until 2050.
However,PWC warned Vietnam of the current volatile world situation, with majorpolitical events such as Brexit and Donald Trump’s presidency, all of whichwould cause crucial disruptions to the global economy until 2050.
Toachieve continuous success, as an emerging economy, Vietnam would need toenhance institutions and infrastructure significantly to realise the country’slong term growth potential and to develop on the basis of a more stableeconomic reconstruction, perfecting the framework and the education system tohelp the domestic labour force contribute to long term economic development.
Theforecast by PWC for Vietnam in 2015 was more positive. It estimated that thecountry would have GDP of 3.4 trillion USD in 2050 and a ranking of 22 on theworld’s economic scale, with an annual growth rate of 5.3 percent.
PWC’sreport set out its latest long term global growth projections until 2050 for 32of the world’s largest economies, accounting for some 85 percent of globalGDP.-VNA
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