Vietnam to be listed top economies by 2050: hsbc

Within the next 40 years or so, Vietnam will make it into the world’s top 50 largest economies, a recent report by an economist from the British HSBC has forecast.

“The World in 2050,” a report by HSBC economist Karen Ward, forecasts that by 2050, Vietnam will surpass its Southeast Asian counterpart Singapore in term of gross domestic product (GDP).

Particularly, the country will be ranked 41st, with GDP topping US$451 billion (with exchange rate for the US dollar recorded in 2000), and income per capita standing at $4,335.

“Vietnam, like many of its rapid growing neighbors, will see strong economic expansion during the coming 40 years, with GDP growth expected to top 5 percent per annum,” the report said.

Vietnam will be followed by Singapore, which is foreseen to post $441-billion in GDP.

However, the income per capita of Singapore is expected to “swell to the second highest among top 50 nations,” standing at $84,405 by 2025, far higher than that of Vietnam.

Interestingly, in “The World in 2050,” Vietnam is predicted to even surpass Portugal (ranked 50), Czech Republic (49), and Norway (48).

Other Southeast Asian countries expected to take high ranks in the list include Malaysia ($1.2 trillion in GDP, ranked 21), Indonesia ($1.5 trillion, 17), and the Philippines ($1.7 trillion, 16).

The report also forecasts many major power shifts in the top 10 most powerful economies, with Italy expected to be no longer in the top ten and China to replace the US as number one.

According to the report, the world’s top ten leading economies will be China, the US, India, Japan, Germany, the UK, Brazil, Mexico, France, and Canada.
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Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2012