Vietnam to outperform Singapore in terms of GDP growth in 2020

October 15, 2020 | 17:52

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Vietnam is anticipated to see positive GDP growth of $340 billion by the end of 2020 which will help the country’s GDP exceed Singapore's, becoming the fourth-largest economy in Southeast Asia.

vietnam to outperforme singapore in terms of gdp growth in 2020

Vietnam is among the few countries in the world that are forecasted to have positive growth this year, about 1.6 per cent

The World Economic Outlook report of the International Monetary Fund (IMF) showed that Vietnam is among the few countries in the world that has positive growth this year, about 1.6 per cent.

Additionally, Vietnam’s GDP would increase by 6.7 per cent. The number is higher than last year, resulting in Vietnam’s economy going beyond Singapore ($337 billion) and Malaysia ($336 billion).

The IMF also assumed that Vietnam will see a rise in GDP per capita from $3,416 in 2019 to $3,500 this year, ranking sixth in ASEAN.

According to the data by the end of the third quarter, the scale of Vietnam's economy was estimated at nearly VND4.17 quadrillion ($180 billion). Noticeably, at the end of 2019, the scale of the GDP was merely over VND6 quadrillion ($260.87 billion).

However, based on a reassessment of the economy in 2010-2017, the scale of Vietnam's GDP by the end of 2019 has exceeded the threshold of $300 billion.

The organisation forecasted global GDP to fall 4.4 per cent this year, less pessimistic than its June report. However, next year's growth outlook has been lowered from 5.4 to 5.2 per cent.

A series of other economies in ASEAN were calculated to have negative growth, such as Indonesia (-1.5 per cent), Thailand (-7.1 per cent), Malaysia (-6 per cent), the Philippines (-8.3 per cent), and Singapore (-6 per cent).

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