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VN one of the world’s hottest economies: report
Vietnam is amongst 29 nations that are expected to be the world’s fastest growing countries in the next two years, according to Business Insider, the economic magazine said in a report released Wednesday.
The ranking was based on the World Bank's 2013 and 2014 growth estimates in its semi-annual "Global Economic Prospects" report, the magezine said.
Vietnam stands at 22nd place in the list led by Iraq and ending with Botswana.
“Exports are a major driver of economic growth in Vietnam -- growing 33 percent in 2011. Some of its major exports are garments, oil, electronics, rice, and machinery,” the report stated.
The WB report estimates that the GDP of Vietnam from 2012 to 2014 will be above 5.7 percent, 6.3 percent, and 6.5 percent, respectively.
In the Southeast Asian region, Vietnam stands behind Indonesia (21st place), Laos, and Cambodia.
Laos is ranked #4 with respective 2012-2014 GDP estimated to be 8.2, 7.6, and 7.4 percent.
“The economy of Laos, a country on the UN's list of least developed economies, is growing quickly, albeit from a very low level, as a result of foreign and infrastructure investment,” WB stated in its report.
The hottest economy, according to Business Insider, is Iraq, with estimated GDPs of 11.1 percent (2012), 14.1 percent (2013), and 11 percent (2014).
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