Vietnam will be one of the fastest growing economies in the world in the
next 40 years as developing markets in the region become prime sources behind
global growth by 2050.
The 2012 Wealth Report recently
published by Knight-Frank and Citi Private Bank said that Nigeria topped the
ranking with a forecast growth rate of 8.5 per cent; followed by India, at 8
per cent; Iraq, 7.7 per cent; Bangladesh, 7.5 per cent; Vietnam, 7.5 per cent,
the Philippines, 7.3 per cent; Mongolia, 6.9 per cent; Indonesia, 6.8 per cent;
Sri Lanka, 6.6 per cent and Egypt, 6.4 per cent.
While almost Asian economies were
forecast to dominate the Top 10 list in terms of growth rate, developed
countries in the Eurozone would fall behind due to negative pacts of the bad
debt crisis, especially Germany and Italy with projected figures of 1.6 per
cent and 1.7 per cent, respectively.
Citi's Chief Economist Willem
Buiter said that a large number of poor economies have rebounded and gained
necessary institutional quality and political stabilization for fast growth.
According to the report, India
would become the world’s biggest economy by 2050; followed by China, and the
US.
VGP
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