Vietnam enters top fastest growing economies
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%; followed by India, at 8%; Iraq, 7.7%; Bangladesh, 7.5%; Vietnam, 7.5%, the Philippines, 7.3%; Mongolia, 6.9%; Indonesia, 6.8%; Sri Lanka, 6.6% and Egypt, 6.4%.
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.
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./.
