Vietnam in 2050
The report done by PricewaterhouseCoopers (PwC) on world’s 32 largest markets (accounting for more than 85% of the world’s GDP) is showing that the world economy is going to double its size by 2050. Emerging economies will be the main sources of the rise, growing around two times faster than the developed economies.
Among the analyzed countries, Vietnam might be the country with the fastest average GDP growth, at 5.1%! The report suggests that Vietnam will benefit from its young and growing population, which will boost domestic demand and output, as well as from capital investment and technological improvement that will have the power to bring real labor productivity increase.
India and Bangladesh will trail behind Vietnam, both averaging around 5% GDP rise. In addition, by 2050, Vietnam has the potential to become the country with the highest rise on the overall GDP rankings, jumping 12 places (from the 32nd, to the 20th). In 2050, Vietnam’s GDP (in PPP*) is predicted to be worth 3.2 trillion USD (in 2016, this number stood at 0.6 trillion) Philippines, another ASEAN country, will come in second, with a 9 places jump (from the 28th to the 19th).
Vietnam’s economy in numbers over the next 34 years:
- 2016: GDP (in PPP): $600 billion | GDP (per capita, in PPP): $6,300 | Population: 94 million
- 2035: GDP (in PPP): $1.7 trillion | GDP (per capita, in PPP): $15,600 | Population: 107 million
- 2050: GDP (in PPP): $2.8 trillion | GDP (per capita, in PPP): $28,200 | Population: 112 million
PPP - Purchasing power parity