International Monetary Fund (IMF) Reports Viet Nam’s Rapid Economic Growth
Hanoi, The Gulf Observer: In a recent report released by the International Monetary Fund (IMF), Viet Nam’s gross domestic product (GDP) for the year 2023 has been estimated to have reached approximately US$433.3 billion, positioning the nation as the fifth-largest economy in Southeast Asia.
This latest forecast places Viet Nam’s economic prowess on par with that of Malaysia, surpassing other regional counterparts such as Myanmar, Cambodia, Brunei, Laos, and East Timor.
According to the IMF, the Southeast Asian region’s collective GDP in 2023 is anticipated to reach approximately $3.86 trillion. Indonesia leads this cohort with an estimated GDP of around $1.42 trillion, followed by Thailand, Singapore, and the Philippines.
On a global scale, the IMF data indicates that the global GDP in 2023 is estimated to reach a staggering $104.5 trillion. The United States remains the world’s largest economy with an estimated GDP of $26.95 trillion, followed closely by China.
Viet Nam currently stands as the 35th largest economy globally, with a GDP surpassing $430 billion.
Looking ahead to 2024, Viet Nam’s GDP is forecasted to climb to approximately $469.7 billion by year-end, solidifying its position as the fifth-largest economy in the region.
Furthermore, the UK’s independent Centre for Economics and Business Research (CEBR) anticipates a promising trajectory for Viet Nam’s economic growth. By 2033, Viet Nam is projected to ascend to the 24th position globally with an economy valued at $1.05 trillion. By 2038, Viet Nam’s GDP is expected to soar to $1.56 trillion, securing the 21st position globally and surpassing regional counterparts such as Thailand, Singapore, and the Philippines.
CEBR’s analysis underscores Viet Nam’s potential to outpace other ASEAN countries economically, driven by its large and youthful population. The forecast suggests that Viet Nam has the prospect of transitioning into a high-income country by 2045.
CEBR also predicts Viet Nam’s average annual GDP growth rate to be 6.7% between 2024 and 2028, with growth moderating to 6.4% in the subsequent nine years.
In the ASEAN region, alongside Viet Nam, the Philippines emerges as a noteworthy contender for economic advancement. The two countries are poised to elevate their global standings through strategic positioning in the global value chain, internal reforms, enhanced labor productivity, and increased public and private investments, according to CEBR’s analysis.
As Viet Nam charts its course towards economic prosperity, these projections highlight the nation’s promising trajectory and its potential to emerge as a significant player on the global stage.
