Vietnam will be among the top 50 economies within the next few decades as many other emerging markets are set to take the lead of the global economy, HSBC has predicted.
"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 Business Insider cited HSBC as saying. The bank predicted the size of the economy will expand to US$451 billion in 2050 and its income per capita will hit $451 billion.
According to the Business Insider, Vietnam was ranked by HSBC at number 41, one spot higher than Singapore.
The bank expects China to surpass the US to become the world's biggest economy by 2050, with India following right behind at number 3.
HSBC said of the top-30 economies by gross domestic product, 19 will be countries currently described as emerging.
Indonesia, Malaysia and Thailand have been ranked 16th, 20th and 22nd respectively. HSBC said as their education and policy systems develop, these economies will make substantial strides up the global economic ladder.
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