A night view of Ha Noi, the capital city of Viet Nam. By 2050, the country is forecast as one of the world fastest growing largest economies. – VNA/VNS Photo Trong Dat

HA NOI (Biz Hub) — Viet Nam is set to become one of the fastest growing economies between now and 2050, according to latest reports on ‘The World in 2050', released by PricewaterhouseCoopers (PwC).

The U.K.-based multinational professional services network firm released its reports on February 10, which ranked Viet Nam 22nd among the world's largest economies in terms of global GDP at purchasing power parity.

PwC estimates that the global economic power will shift from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years.

The firm's analysis took into account the International Monetary Fund's World Economic Outlook database in October, 2014 as an estimate, while it made projections for 2030 and 2050.

According to the IMF, Vietnam was ranked 32nd among the world largest economies in 2014.

Together with Viet Nam, Nigeria (ranked 9th) and the Philippines (ranked 20th) are other notable countries that will rise in the global GDP rankings by 2050, reflecting relatively high projected average growth rates of around 4.5 to 5.5 per cent per annum between now and 2050.

China and India have taken the first and second spots, before the United States, while in the ASEAN region; Indonesia is forecast to jump to the 4th spot in the world rankings by 2050 if it can sustain growth-friendly policies, the report stated.

On the other hand, Japan's growth is projected to be the slowest of all countries covered in totality, driven in part by a steadily declining population; as a result of which it is projected to fall from the 4th to the 7th spot in the global GDP rankings between now and 2050.

The report and supporting materials can be accessed at http://www.pwc.com/world2050.— VNS