Vietnam on list of highest growth prospects

The global banking giant Citigroup has identified Vietnam as one of the 11 countries that is likely to stand out in a globally integrated economy in terms of a high growth rate and investment attraction over the next 40 years.

In a recent report written by Willem Buiter, City group’s leading economist, the firm has listed 11 countries, including Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam.

According to the report, in the UK ’s Daily Mail, China will overtake the US to become the largest economy in the world by 2020, then be overtaken by India by 2050.

For poor countries, with large young populations, growing fast will be easier by opening up, creating a market economy and investing in human and physical capital, said the report.

Asia and Africa will be the fastest growing regions, followed by the Middle East, Latin America, Central and Eastern Europe and the Commonwealth of Independent States (CIS).

On the contrary, Western industrial countries, which accounted for 41 per cent of the world’s gross domestic product (GDP) in 2010, will see slow growth and drop by 18 per cent by 2050.

Willem Buiter, a former member of the UK Central Bank’s Monetary Policy Committee, hopes that the world’s economy will develop by 2050 with GDP reaching an average of 4.6 per cent by 2030 and 3.8 per cent between 2030 and 2050.

Thus, the world’s GDP will increase from $72,000 billion in 2010 to $380,000 billion by 2050. – VIR

Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011

Posted by VBN on Mar 1 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry