Vietnam’s economy forecast to grow bigger than Singapore by 2029, the UK-based Global Business Outlook recently cited the Development Bank of Singapore (DBS)’s report.
In its report, the DBS predicts that Vietnam could grow at a pace of 6 percent to 6.5 percent in the next ten years. Vietnam News Agency reported.
“If it can sustain that pace of growth, the Vietnam economy will be bigger than the size of the Singapore economy in ten years’ time”, the magazine citied the bank’s senior economist Irvin Seah as saying.
The DBS’s forecast is largely based on factors such as robust foreign investment inflow and productivity growth in the next couple of years.
Currently, the Vietnamese economy is worth 224 billion USD. This means it covers 69 percent of Singapore’s economic size which is worth 324 billion USD.
Vietnam to become 4th largest economy in Southeast Asia: IMF
Vietnam’s gross domestic product (GDP) is estimated to reach 340.6 billion USD this year, making it the fourth-largest economy in Southeast Asia.
This is revealed in the International Monetary Fund (IMF) World Economic Outlook released last few weeks.
Accordingly, Vietnam is the only country in Southeast Asia which is forecasted to have positive growth this year, at 1.6 percent and will reach 6.7 percent by 2021.
IMF forecasts Vietnam’s economy will rank fourth in Southeast Asia this year, surpassing Singapore and Malaysia.
Specifically, the country’s GDP is estimated to reach 340.6 billion USD, exceeding Singapore with 337.5 billion USD and Malaysia with 336.3 billion USD, according to the Vietnam News Agency.