Vietnam GDP could top Singapore’s this year: IMF

[nufix]

Underground economy is very big in developing countries including China. Nothing special. It is very difficult to count all of them into GDP. So the 25% jump of GDP by vn is just very very absurd...

Yep, that is why without reforms in the taxation system, it is very hard to measure the real scale. Surveying the average revenue of these businesses could give some idea about the scale of the informal economy but never the real figure since this kind of businesses do not really have a standardized way of financial reporting.

 

[Kai Liu]

Hey you brag. why we can’t brag? We just copy you. Beijingwalker brags in a video girls get full with $0.4 meals. In Xinjang. How can you become a superpower by selling $0.4 meals?

You could get full with even less than that amount by street food...
There are always high-end places and low-end cheap places, not to do with becoming a superpower...lol...

 

[Viet]

You could get full with even less than that amount by street food...
There are always high-end places and low-end cheap places, not to do with becoming a superpower...lol...

Cheaper than $0.4?
How’s that possible?
I mean either the government subsidies the foods or such plastic foods are made by machineries otherwise it’s impossible to make such cheap foods.

 

[Mista]

Well 60 percent of Indonesian GDP is contributed from micro,small, and medium business. Most of the business is in informal sector and they dont pay tax. Our tax ratio is very small, even smaller than Cambodia.

Maybe @Mista can help explain what may the reason behind suddent 30 % GDP jump in Vietnam due to calculation

GDP is just a measurement of economic activity.

There are many different measures of GDP and it depends on which measurement you want to rely on. Huge GDP revisions could happen not only just in developing countries, but in developed countries as well.

Now Vietnam steps into the spotlight. One reason for skepticism: the changes to GDP methodology are perfectly timed given Hanoi's debt constraints. Prime Minister Nguyen Xuan Phuc faces a uniquely rigid debt ceiling for a developing nation -- a liability as U.S. President Donald Trump's tariffs hit Asian growth.

A few days ago, Hanoi's public debt was closing on 65% of GDP, a level it is not supposed to breach. This jump in GDP -- the entire size of Croatia's output -- means Phuc's government now has political cover to increase borrowing. It offers latitude to spend more on infrastructure to raise competitiveness and productivity.

Vietnam's surprise GDP revision risks damaging economic credibility

Investors will lose trust in Asian nations as unexpected bonuses keep coming

asia.nikkei.com

Leprechaun economics was the 26.3 per cent rise in Irish 2015 GDP, later revised to 34.4 per cent,[a] in a 12 July 2016 publication by the Irish Central Statistics Office (CSO), restating 2015 Irish national accounts.

Leprechaun economics - Wikipedia

en.wikipedia.org

That's why I personally prefer median income/median household income if statistics are available. It's closer to the reality the common people are having and is less prone to large revisions/fluctuations.

 

[Mista]

Cheaper than $0.4?
How’s that possible?
I mean either the government subsidies the foods or such plastic foods are made by machineries otherwise it’s impossible to make such cheap foods.

It's possible. There are meals in Singapore which can go as low as USD1 or SGD1.40 and still be profitable, and they are not street food.

Figures below are in SGD:

The cheapest eats in Singapore

RICKSHAW NOODLES 
- $1 It was a dish that was popular amongst rickshaw pullers in the early days of...

www.tnp.sg

AsiaOne

AsiaOne - AsiaOne is a free access news portal delivers latest breaking news and top stories updates in Singapore, Asia Pacific and across the World.

www.asiaone.com

It's easy to find meals in Singapore under USD3 or SGD4.20.

Meals for under $3 at new centre

Plain roti prata for 80 cents, chicken rice for $2.50, and fried hokkien noodles for $2.80. Read more at straitstimes.com.

www.straitstimes.com

I always have Wanton Mee near my house at SGD3.00 for example.

 

[Kai Liu]

Cheaper than $0.4?
How’s that possible?
I mean either the government subsidies the foods or such plastic foods are made by machineries otherwise it’s impossible to make such cheap foods.

No plastics B.S. pls... Plastics is more expensive than rice...
No government subsidies either, just go to some a little bit shanty places, you can find food unbelievably cheap:

4 for 1 RMB, soup free. Costs 3 RMB in total.

3 for 1 RMB

The fried doughs cost him 2 RMB

As I have said before, China has the cheap food like every developing countries, but also has probably the lowest price industrial products like cars, etc. unlike majority of developing countris such as vn... So you can see it is China who has to revise and increase its GDP per capita by 25%, not vn...

 

[ILC]

Xi destroyed many micro-stall businesses, the people who had a hard time with skill retraining. I just hope he won't stay for the 3rd term, unfortunately, he most likely will.

 

[Nike]

The gross domestic product (GDP) of a nation is an estimate of the total value of all the goods and services it produced during a specific period, usually a quarter or a year. Its greatest use is as a point of comparison: Did the nation's economy grow or contract compared to the previous period measured?

• GDP can be calculated by adding up all of the money spent by consumers, businesses, and government in a given period.
• It may also be calculated by adding up all of the money received by all the participants in the economy.
• In either case, the number is an estimate of "nominal GDP."
• Once adjusted to remove any effects due to inflation, "real GDP" is revealed.

There are two main ways to measure GDP: by measuring spending or by measuring income.



And then there's real GDP, which is an adjustment that removes the effects of inflation so that the economy's growth or contraction can be seen clearly.


------------------------------------------------------------------------------------------

Rebase or on how economy activity should be measured can be adjusted according to technology and economy breaktrough, the example is for e-commerce activity. Right now there is still adjustment and measure on how to calculate how big e-commerce activity and business in Indonesia. Money transfer and the likes as part of e-commerce activity still not being counted largely in Indonesia as there is no real prove for most of online transaction happened in Indonesia. When the system being matured and adjusted as a whole we can see big jumps on Indonesia economy measure.

 

[Viet]

It's possible. There are meals in Singapore which can go as low as USD1 or SGD1.40 and still be profitable, and they are not street food.

Figures below are in SGD:

The cheapest eats in Singapore

RICKSHAW NOODLES 
- $1 It was a dish that was popular amongst rickshaw pullers in the early days of...

www.tnp.sg

AsiaOne

AsiaOne - AsiaOne is a free access news portal delivers latest breaking news and top stories updates in Singapore, Asia Pacific and across the World.

www.asiaone.com

It's easy to find meals in Singapore under USD3 or SGD4.20.

Meals for under $3 at new centre

Plain roti prata for 80 cents, chicken rice for $2.50, and fried hokkien noodles for $2.80. Read more at straitstimes.com.

www.straitstimes.com

I always have Wanton Mee near my house at SGD3.00 for example.

3 SGD (1.88 euro) for a meal is dirty cheap. I prefer hawker stalls to any other restaurants when in Singapore.

No plastics B.S. pls... Plastics is more expensive than rice...
No government subsidies either, just go to some a little bit shanty places, you can find food unbelievably cheap:

4 for 1 RMB, soup free. Costs 3 RMB in total.

3 for 1 RMB

The fried doughs cost him 2 RMB

As I have said before, China has the cheap food like every developing countries, but also has probably the lowest price industrial products like cars, etc. unlike majority of developing countris such as vn... So you can see it is China who has to revise and increase its GDP per capita by 25%, not vn...

Ok luckily we don’t rely chinese foods imports. Keep the foods to yourself.

 

[Mista]

3 SGD (1.88 euro) for a meal is dirty cheap. I prefer hawker stalls to any other restaurants when in Singapore.

Yeah, but the downside is it's likely to be not very profitable or well-paid and thus younger Singaporeans are shunning the trade or would rather open a small restaurant selling fancy foods. It's a pity that a lot of our authentic food have disappeared over the years.

I think a slight increase in prices across the board is reasonable. I see restaurants or bubble tea shops packed with people everywhere I go anyway.

https://www.channelnewsasia.com/new...centre-fare-as-low-as-20-to-30-cents-10948414

 

[Ghost Hobbit]

Wow, that is far earlier than other report saying Vietnam will only surpass Singapore in 2030 that @Viet had posted a year ago if I am not mistaken. Maybe you can try to find that forecast from your thread record to humiliate the organization that has made the forcast

Covid is of course the main reason behind it but the trade war that happened since 2018 is also the other unexpected reason that has slowed Singapore economy that rely heavily on international trade.

By exceeding Singapore GDP, it also means Malaysia is also passed by Vietnam this year. The traditional order of ASEAN economy in term of GDP is Indonesia, Thailand, Singapore, Malaysia, Philippine, and Vietnam. And now it has changed into Indonesia, Thailand, Philippine, Vietnam, Singapore, Malaysia. Vietnam weight in ASEAN geopolitics will increase I believe due to this fact. I hope Vietnam is one of the close partner of Indonesia in ASEAN.

If you ever Vietnam, the only question you'd ask is why did it take so long. This was a done deal. Singapore had an economy that survived on the infficiences of the giants that surrounded it. As the giants begin to finally address the issues and build a sound, structural economy, the incentives to operate in Singapore begin to go down. It's a great place to live. but that's just it.

 

[TruthSeeker]

Vietnam estimated GDP of $340.6 billion this year could exceed that of Singapore by nearly 1 percent for the first time, the IMF says.

Congratulations to Vietnam!!

 

[Kai Liu]

Ok luckily we don’t rely chinese foods imports. Keep the foods to yourself.

Sure you don't rely on Chinese foods imports,lol, you sell your rice to China to earn a few pennies for your peasants... And you think Chinese food are not nice enough? For 2 RMB (30 cents) you still want to eat in a palace and be treated like a king? lol.. Even if you are treated like a beggar you should not complain for 2 RMB (30 cents)...
Spend a little bit more, here is the 10 RMB buffet in Shenzhen:

BTW, never complain food in China. Even the college canteen can make you mouth watering...

 

[Viet]

Sure you don't rely on Chinese foods imports,lol, you sell your rice to China to earn a few pennies for your peasants... And you think Chinese food are not nice enough? For 2 RMB (30 cents) you still want to eat in a palace and be treated like a king? lol.. Even if you are treated like a beggar you should not complain for 2 RMB (30 cents)...
Spend a little bit more, here is the 10 RMB buffet in Shenzhen:

BTW, never complain food in China. Even the college canteen can make you mouth watering...

Looks like a highend resto. Impossible to sell foods for few yuans. 100 percent that Xi Jingping pours money into it. Maybe he hopes the graduates will join the PLA later. Not in uncommon in other countries. I get food subsidies from my company too. Although foods are not cheap here. Beef soup starts with 9 euro.

 

[Kai Liu]

Looks like a highend resto. Impossible to sell foods for few yuans. 100 percent that Xi Jingping pours money into it. Maybe he hopes the graduates will join the PLA later. Not in uncommon in other countries. I get food subsidies from my company too. Although foods are not cheap here. Beef soup starts with 9 euro.

Well, this is just a canteen from an ordinary Chinese university with no connection to the army...lol...