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Vietnam among 11 countries with high growth rates
The global banking giant Citigroup has identified Vietnam as one of the 11 countries that is likely to stand out in a globally integrated economy in terms of high growth rate and investment attraction over the next 40 years.
In a recent report written by Willem Buiter, City group’s leading economist, the firm has listed 11 countries, including Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, Sri Lanka and Vietnam.
According to the report, in the UK’s Daily Mail, China will overtake the US to become the largest economy in the world by 2020, then be overtaken by India by 2050.
For poor countries having large young populations, fast growth will be easier achieved by creating a market economy and investing in human resource training, said the report. Asia and Africa will be the fastest growing regions, followed by the Middle East, Latin America, Central and Eastern Europe and the Commonwealth of Independent States (CIS).
On the contrary, Western industrial countries, which accounted for 41 percent of the world’s gross domestic product (GDP) in 2010, will see slow growth and drop by 18 percent by 2050.
Willem Buiter, a former member of the UK Central Bank’s Monetary Policy Committee, hopes that the world economy will develop by 2050 with GDP reaching an average of 4.6 percent by 2030 and 3.8 percent between 2030 and 2050. Thus, the world’s GDP will increase from US$72,000 billion in 2010 to US$380,000 billion by 2050.
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