Vietnam enters top 10 fastest growing economies

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.