ADB raises Vietnamese GDP growth forecast to 2.3% this year

Experts from the Asian Development Bank (ADB) have revised up the nation’s GDP growth forecasts from 1.8% to 2.3% this year following the acceleration of public investment, coupled with the swift recovery of domestic consumption, according to the Asian Development Outlook 2020 (ADO) report released on December 10.

ADB raises Vietnamese GDP growth forecast to 2.3% this year ảnh 1

The report also saw ADB economists revise the country’s GDP growth forecast down slightly to 6.1% for next year, noting that the Vietnamese inflation rate is set to rise to 3.5% from 3.3% this year.

In terms of Southeast Asia, economic growth remains challenging due to continued novel coronavirus (COVID-19) outbreaks and containment measures, particularly those occurring in Indonesia, Malaysia, and the Philippines.

The subregion’s growth forecast for the year has been revised down to -4.4% from -3.8% in September, while the outlook ahead for 2021 has also been downgraded, with Southeast Asia now anticipated to enjoy growth of 5.2% moving into next year, as opposed to the 5.5% growth that was previously forecast in September, according to the ADB.

Most notably, economic activity in developing Asian countries is forecast to contract by 0.4% during the course of the year, before witnessing growth of 6.8% in 2021 as the region moves towards recovery following the negative impact of the COVID-19 pandemic.

The latest growth forecast represents an improvement from the -0.7% GDP growth forecast that was previously made back in September, although the outlook ahead for 2021 remains unchanged.

VOV/ADB

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