Vietnam’s estimated GDP of $340.6 billion this year could exceed that of Singapore by nearly 1 percent for the first time, the IMF says.
The IMF has forecast a GDP growth of 1.6 percent for Vietnam this year, while that of Singapore declines by 6 percent.
These figures put Vietnam as the fourth largest economy in ASEAN this year, behind Indonesia, Thailand and the Philippines.
In the next five years, Vietnam’s GDP is set to grow by 6-7 percent annually, compared to Singapore’s 2-5 percent.
This means that by 2025, Vietnam’s GDP could reach $530 billion, exceeding that of Singapore by 22.7 percent.
Vietnam is among few countries that are likely to post positive GDP growth this year while most economies contract.
In ASEAN, Philippines is set to record a negative GDP growth of 8.3 percent, while that of Malaysia, like Singapore’s, is set to contract by 6 percent.
Vietnam’s per capita GDP is set to grow by 2.4 percent this year to $3,497, ranking fifth among six largest ASEAN countries behind Singapore, Malaysia, Thailand and Indonesia.
The country is expected to maintain its fifth position even as this figure grows 7-8 percent per year to reach $5,212 by 2025.