Busan Port of the RoK (Source: EPA/VNA) Seoul (VNA) – The Asian Development Bank (ADB) has predicted the Republic of Korea’s economy will grow 3 percent this year, following last year's 3.1 percent growth. Asia's fourth-largest economy is likely to benefit from a recovery in major economies and private spending, Yonhap news agency quoted the regional bank as saying. In December of last year, the ADB forecast the 3 percent gain for the RoK economy. The institute said next year's growth estimate for the RoK is set at 2.9 percent. The ADB said growth picked up across most of the economies in developing Asia and supported by continued high demand for exports and rapidly expanding domestic demand.-VNA … [Read more...] about RoK’s economy to grow 3 percent this year: ADB
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ADB forecasts Vietnam’s economy to grow 7.1 percent in 2018
“Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region”, said ADB Country Director for Vietnam Eric Sidgwick. At the press conference to launch the ADB new report on April 11 Vietnam’s robust economic growth will be driven by vigorous manufacturing and export expansion, rising domestic consumption, strong investment fuelled by foreign direct investment (FDI) and domestic enterprises, and an improving agriculture sector, he added. Vietnam has been able to mobilise an abundant supply of young, well educated workers to attract foreign investment to labour-intensive manufacturing over the last decade. However, as the Vietnamese economy becomes more sophisticated, the gap between worker qualifications and business needs is widening, Sidgwick warned, noting that if not addressed, this skills gap could become a major obstacle to Vietnam’s development aspirations. … [Read more...] about ADB forecasts Vietnam’s economy to grow 7.1 percent in 2018
ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high
The Asian Development Bank thinks that Vietnam’s economy will expand by 7.1 percent this year, which if true would be the highest growth rate recorded by the country since 2008. “Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region,” the Manila-based lender said in its Asian Development Outlook (ADO) 2018 released on Wednesday. The country’s economic growth will be driven by manufacturing and export expansion, rising domestic consumption, strong investment fueled by foreign investors and domestic firms, and an improving agriculture sector, Eric Sidgwick, ADB country director for Vietnam, was quoted in the report as saying. While highlighting Vietnam’s strong growth potential, the report pointed out several major risks to the outlook, including rising global trade protectionism. Vietnam’s annual trade now exceeds 185 percent of GDP, making it the second … [Read more...] about ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high
ADB: Vietnam’s GDP growth will rise to 7.1% in 2018
“Aided by able macroeconomic management, economic growth will spurt in 2018, with Viet Nam becoming one of the strongest performers in the region”, said Mr. Eric Sidgwick, ADB Country Director for Viet Nam. “Viet Nam’s robust economic growth will be driven by vigorous manufacturing and export expansion, rising domestic consumption, strong investment fueled by FDI and domestic enterprises, and an improving agriculture sector,” he added.The Asian Development Outlook (ADO) 2018 forecasts inflation to reach 3.7% on average this year, up from 3.5% in 2017, before edging up to 4.0% in 2019, as domestic demand and global commodity prices rise.Photo: Khac KienMr. Sidgwick noted: “A broad based increase in the government revenue effort in 2017, helped curtail the budget deficit and reduce total public debt to 61.3% of GDP by the end of 2017, from 63.6% a year earlier. This fiscal consolidation combined with moderate inflation should provide for continued … [Read more...] about ADB: Vietnam’s GDP growth will rise to 7.1% in 2018
ADB President Affirms Support for Infrastructure Investment, Financial…
In two speeches to the ministers and governors, Mr. Nakao discussed ADB’s economic outlook for ASEAN, the role ADB can play in helping the region invest in infrastructure, and how countries can harness the use of financial technology (fintech) to promote financial inclusion.During his visit, Mr. Nakao met with Deputy Prime Minister of Singapore Tharman Shanmugaratnam and Finance Minister of Singapore Heng Swee Keat. He also met with Finance Minister of Thailand Apisak Tantivorawong.ADB President Takehiko Nakao at the 21st Association of Southeast Asian Nations (ASEAN) Finance Ministers’ and Central Bank Governors’ Meetings in Singapore. (Source: ADB)In his address to ASEAN finance ministers, Mr. Nakao presented ADB’s economic forecast for the region, which shows that ASEAN growth will reach 5.2% in 2018.“We see continued robust economic growth across ASEAN countries, supported by domestic demand as well as a synchronized recovery in global trade,” … [Read more...] about ADB President Affirms Support for Infrastructure Investment, Financial…