GDP (PPP) Vietnam has surpassed Singapore, Malaysia
According to the International Monetary Fund (IMF), in 2021, Vietnam’s GDP (PPP) will reach US$1,134 billion, ranking third in ASEAN-6, ahead of the Philippines, Malaysia and Singapore.
In fact, GDP at purchasing power parity (PPP) is used by international organizations to more accurately reflect a country’s development. Along with that, GDP (PPP) will partly reflect the quality of life of people in an area.
In 1986, Vietnam’s GDP (PPP) reached about 55.68 billion USD, ranking 6/6 in ASEAN-6. However, by 1987, GDP (PPP) of Vietnam surpassed Singapore. Specifically, Vietnam’s GDP (PPP) reached about 58.51 billion USD; Singapore’s GDP (PPP) was about $56 billion in 1987.
By 2017, Vietnam’s GDP (PPP) surpassed that of Malaysia. Specifically, Vietnam’s GDP (PPP) reached 851.06 billion USD, while Malaysia’s and Singapore’s GDP (PPP) reached 830 billion USD and 544 billion USD in 2017.
By 2018, Vietnam’s GDP (PPP) surpassed the Philippines. Specifically, Vietnam’s GDP (PPP) reached 934.11 billion USD, while the GDP (PPP) of the Philippines, Malaysia and Singapore reached 930 billion USD, 890 billion USD and 568 billion USD respectively in 2018.
In the period 2018-2021, Vietnam’s GDP (PPP) always ranks above the Philippines, Malaysia and Singapore. Meanwhile, Indonesia always has the leading GDP (PPP) and Thailand has GDP (PPP) ranked second in ASEAN-6.
In 2021, Indonesia has the leading GDP (PPP) scale of ASEAN-6 countries, reaching $3,566 billion. Along with that, Thailand and Vietnam ranked 2nd and 3rd with GDP (PPP) reaching 1.343 billion USD and 1,134 billion USD.
It was followed by the Philippines ($1.013 billion), Malaysia ($971 billion) and Singapore ($635 billion). Thus, Vietnam’s GDP (PPP) ranking in ASEAN-6 is now above the Philippines, Malaysia and Singapore.
In 2022, Indonesia is forecast to have the leading GDP (PPP) scale among ASEAN-6 countries, reaching about US$4,023 billion. Along with that, Thailand and Vietnam ranked 2nd and 3rd with a GDP forecast (PPP) of about $1.479 billion and $1.3 trillion respectively.
The Philippines, Malaysia, and Singapore are forecasted by the IMF to have a GDP (PPP) scale of 1.155 billion USD, 1,096 billion USD, and 701 billion USD respectively in 2022.
Size of GDP (PPP) of ASEAN-6 countries in the period 1986-2021 and forecast for the period 2022-2027 according to the IMF. Source: IMF.
Besides, the Philippines, Malaysia and Singapore have GDP (PPP) reaching $ 1,712 billion, $ 1,523 billion and $ 886 billion in 2027, respectively, according to IMF forecasts.
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