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Vietnam is world's 22nd fastest growing economy
Vietnam is the world’s 22nd fastest growing country, according to Business Insider, a US-based business website which used a semi-annual World Bank report for compiling a list of fastest growing economies.
Vietnam's GDP growth is estimated to reach 6.3 percent in 2013 and 6.5 percent in 2014.
For this year it is forecast to be 5.7 percent by the bank, which said exports are a major driver of growth for the country.
Vietnam’s major exports include garments, oil, electronics, rice, and machinery.
However, Vietnam trails some other Southeast Asian countries like Laos, Cambodia, and Indonesia, which rank 4th, 18th, and 21st.
Iraq tops the list, thanks to oil, its major export item, which accounts for 90 percent of the government's revenues. The country is also in a rebuilding phase following the US invasion, with construction a major driver of the economy, according to the bank.
The Business Insider list has 16 countries from Africa, 10 from Asia, two from Latin America, and one from the Middle East.
Nine are dependent on oil exports and five each on gold and diamond, farm produce, and tourism.
It features only three countries from the group of 20 industrialized and emerging countries (G-20) – China, India, and Indonesia.
Thanh Nien News
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