Vietnam and the Philippines are the two economies in Southeast Asia that are projected to make a big leap in the World Economic League Table (WELT) between 2023 and 2038, according to the Centre for Economics and Business Research (CEBR).

Vietnam among world's top 25 economies by 2038: UK think tank - Illustrative image. (Photo:VNA)

It forecasts that Vietnam will move swiftly up the WELT rankings, from 34th position in 2023 to 24th in 2033 and 21st in 2038 while the Philippines will reach 23rd place by 2038.

In its freshly released WELT rankings, CERB said Vietnam and the Philippines are notable illustrations for the group of countries anticipated to enhance their standing by developing their positioning within the global value chain, implementing domestic reforms and improving the productivity which can achieved through the efficient molisation of public and private capital.

It emphasised that both countries have demonstrated significant progress and are expected to climb 10 and 13 positions, respectively, by 2038, with full opportunities to join the top 25 economies in the world.

CEBR also forecast a positive outlook for Vietnam over the next 15 years. With its population advantage, the country can likely achieve its goal of becoming a high-income country by 2045. With a large and relatively young population, Vietnam has a chance to surpass most countries in the Association of Southeast Asian Nations (ASEAN), behind only Indonesia, to be among the world’s top 25 economies by 2038.