Vietnamese Will Be Richer Than Filipinos Before 2020 Ends: IMF
Before the year ends, the Vietnamese will have more money in their pockets than Filipinos. The forecast was released by the International Monetary Fund or IMF, who projected that the per capita income of the Vietnamese will be $3,497.51, overtaking Filipinos with $3,372.53.
Vietnam’s Handling of the Pandemic
The projections are a direct consequence of how the Philippines and Vietnam have handled the pandemic in markedly different ways with opposite results. Vietnam has successfully curbed the spread of the COVID-19 virus, allowing it to resume normal economic activities.
Meanwhile, the Philippines is still struggling to contain the spread of the virus, with lockdowns, curfews, and restrictions of movement in place, which did not only fail to stop the virus but also snuffed out many small and medium enterprises around the country.
The Philippines Might Lag Behind for Five Years
If estimates of the IMF are to be believed, Filipinos will lag behind the Vietnamese until 2025, at which time, Filipinos are projected to have a per head GDP of $4,805.84 compared with the Vietnamese’s $5,211.90.
The IMF further emphasized the Philippine economy is shrinking 8.6% year-on-year in 2020.