Illustrative image (Source: CNBC)
Hanoi, (VNA) -
A report by the prestigious global accounting firm of PricewaterhouseCooper (PWC) predicts continued economic growth for Vietnam until 2050 period, with annual GDP increase of 5.1 percent, on average.

The report issued on February 7, entitled “The World in 2050 - The long view: How will the global economic order change by 2050?” lists Vietnam as the 32nd largest economy in the world, with gross domestic product (GDP) value based on purchasing power parity (PPP) at 595 billion USD.

PWC anticipates the country will grow on average 5.1 percent per annum, making it one the world’s most rapidly progressing countries.

The report predicted that by 2030, according to GDP based on PPP, Vietnam would climb up to No. 29 in the world with GDP at 1.3 trillion USD, and would continue to rise until 2050 to become the 20th largest economy with GDP of 3.17 trillion USD.

Together with Nigeria and the Philippines, Vietnam could make the greatest jumps in the ranking system until 2050.

However, PWC warned Vietnam of the current volatile world situation, with major political events such as Brexit and Donald Trump’s presidency, all of which would cause crucial disruptions to the global economy until 2050.

To achieve continuous success, as an emerging economy, Vietnam would need to enhance institutions and infrastructure significantly to realise the country’s long term growth potential and to develop on the basis of a more stable economic reconstruction, perfecting the framework and the education system to help the domestic labour force contribute to long term economic development.

The forecast by PWC for Vietnam in 2015 was more positive. It estimated that the country would have GDP of 3.4 trillion USD in 2050 and a ranking of 22 on the world’s economic scale, with an annual growth rate of 5.3 percent.

PWC’s report set out its latest long term global growth projections until 2050 for 32 of the world’s largest economies, accounting for some 85 percent of global GDP.-VNA