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| CEBR assesses that Vietnam's economy has a very positive outlook for the next 15 years, with many advantages. (Source: Getty Image) |
The CEBR Consulting Center (UK) assessed that Vietnam and the Philippines are two Southeast Asian economies with the potential to "leap forward" in the World Economic League Table (WELT) rankings from now until 2038.
According to CEBR, Vietnam is currently ranked 34th on the WELT, in 2024 Vietnam will increase 1 rank to 33rd and then continue to rise rapidly, to 24th in 2033, before becoming the 21st economy in the world in 2038. Meanwhile, the Philippines also has impressive growth to reach 23rd in 2038.
In particular, in the introduction of the recently released rankings, CERB assessed Vietnam and the Philippines as outstanding examples of the group of countries expected to improve their rankings by repositioning their positions in the global value chain, applying internal reforms, and increasing the productivity of their workforce, which can be achieved through the effective accumulation of public and private capital.
CERB stressed that both countries have shown significant progress and are expected to climb 10 and 13 places by 2038, with a "strong chance" of breaking into the world's top 25 economies.
The CEBR's assessment refers to the size of the economy, not to average income in a country, the divide between rich and poor or other issues.
According to CEBR, Vietnam has a very promising outlook for the next 15 years. With its existing demographic advantage, it is likely that Vietnam can achieve its goal of becoming a high-income country by 2045. With a large and relatively young population, Vietnam has the opportunity to surpass almost all of its current "senior" countries in ASEAN in terms of economy, such as Singapore, Thailand, Malaysia, to be second only to Indonesia in the Top 25 economies in the world by 2038.
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