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TAIPEI (Taiwan News) — The Vietnamese economy is likely to surpass Taiwan's in 2035 due to the latter's aging population, while China might overtake the United States as the premier economic power by around 2028, according to a study published by the Japan Center for Economic Research (JCER) Thursday (Dec. 10).
The think tank's document looks at economic development around the Pacific over the next 15 years, particularly in the wake of COVID-19, the Liberty Times reported. The study compares the virus outbreak to an earthquake, calling it a short-term event that most economies would recover from after four or five years.
An aggravated scenario would entail grave and lasting damage to trends such as globalization, innovation, and urbanization, the researchers found. The JCER has picked Vietnam as one of the nations likely to recover quickly from the pandemic.
With an economy continuing to grow at 6 percent a year as far into the future as 2035, Vietnam will likely overtake Taiwan as well as become Southeast Asia’s second-largest economy, behind only Indonesia. At the same time, Taiwan will face problems due to its aging population, with its GDP growth limited to 1 percent.
Because of its presumed rapid recovery from the pandemic, China's economy could overtake the U.S.' in 2028 or 2029. It could become as large as the American and Japanese economies combined in 2035.
If India manages a quick recovery, it might surpass Japan in 2033, though it would still struggle to become a middle-income country, the JCER study concludes.
www.taiwannews.com.tw
Port of Ho Chi Minh City in Vietnam (AP photo)
The think tank's document looks at economic development around the Pacific over the next 15 years, particularly in the wake of COVID-19, the Liberty Times reported. The study compares the virus outbreak to an earthquake, calling it a short-term event that most economies would recover from after four or five years.
An aggravated scenario would entail grave and lasting damage to trends such as globalization, innovation, and urbanization, the researchers found. The JCER has picked Vietnam as one of the nations likely to recover quickly from the pandemic.
With an economy continuing to grow at 6 percent a year as far into the future as 2035, Vietnam will likely overtake Taiwan as well as become Southeast Asia’s second-largest economy, behind only Indonesia. At the same time, Taiwan will face problems due to its aging population, with its GDP growth limited to 1 percent.
Because of its presumed rapid recovery from the pandemic, China's economy could overtake the U.S.' in 2028 or 2029. It could become as large as the American and Japanese economies combined in 2035.
If India manages a quick recovery, it might surpass Japan in 2033, though it would still struggle to become a middle-income country, the JCER study concludes.
Vietnamese economy to surpass Taiwan's in 2035: Think tank | Taiwan News
Japan Center for Economic Research believes Taiwan's aging population will slow country's growth
www.taiwannews.com.tw
Port of Ho Chi Minh City in Vietnam (AP photo)
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