This awful year could, paradoxically, be a good one for what economists call convergence. This normally takes place when poor economies grow faster than rich ones, narrowing the income gap between them.

Workers at a factory of Samsung in Vietnam.

Few emerging markets will grow at all – perhaps China, Egypt and Vietnam. But because advanced economies will probably retreat even faster, the gap between them will narrow.

Based on the productivity performance of 97 economies since 2000, the World Bank has identified five clubs. The three gloomiest groups comprise fairly poor countries. A fourth contains some big ones with unfulfilled potential, such as Argentina, Brazil, Indonesia, Mexico and South Africa.

The most successful club spans all of today’s advanced economies as well as 16 emerging markets, including China, India, Malaysia, Thailand and Vietnam.

Poorer members tend to grow faster than the rich ones, at a pace that would halve the productivity gap between them every 48 years.

Vietnam’s economy forecast to grow 3.3% in 2020

Standard Chartered Bank has forecast that the growth of Vietnam’s economy will slow down to 3.3% in 2020 due to the impacts of external challenges.

Digital economy expected to increase labour productivity

Vietnam needed to invest in the digital economy and seize the opportunities it provided to improve labour productivity.

Ca Mau tourism creates trademark, becoming spearhead economy

2019 is a year in which Ca Mau tourism harvested “good fruits”. The strong acceleration of Ca Mau tourism has created a trademark among visitors.

Singaporean outlet names Vietnam fastest growing digital economy

Vietnam is the fastest-growing digital economy in the region, largely due to investment inflow which is still on an unprecedented rise, The Business Times has reported.

Farm-based economy contributes to new rural area building in Bac Ninh

Developing a farm-based economy with mass production has been defined as a key task by localities in the Red River Delta province of Bac Ninh as they look to become new-style rural areas.

Source: NDO