Projected gdp growth

Vietnam’s economy is rebounding from the COVID-19 crisis, with its gross domestic product (GDP) expected to jump to a 7.5 percent growth rate in 2022 from a 2.6 percent increase last year , while inflation is projected to stay at 3.8 percent, according to a World Bank (WB) economic update for the country. The WB released the predictions in the report 'Taking Stock: Educate to Grow,' its bi-annual economic outlook for Vietnam released on Monday. The report said the Vietnamese economy started to rebound in the fall of 2021, when high vaccination rates enabled the government to reopen the economy along with gradually removing restrictions due to COVID-19 that hit the country in early 2020. Vietnam was one of the few countries that managed to grow economically during the pandemic, with the economy bouncing back swiftly thanks to its resilient manufacturing and a robust rebound in services, the report commented. The country’s GDP expanded 5.2 percent year on year in the last … [Read more...] about Vietnam likely to record 7.5 percent GDP growth this year: World Bank

Hanoi - Vietnam’s GDP growth is forecast to expand 7.5 percent in 2022 and 6.7 percent in 2023, with resilient manufacturing and a robust rebound in services serving as the driving forces for economic recovery. At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the … [Read more...] about Vietnam’s economic growth forecast at 7.5 pc in 2022: World Bank

At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the country re-emerges from the pandemic and into a challenging global environment. The report’s co-author Dorsati Madani said that while Vietnam’s economic recovery had been relatively stable, not all sectors witnessed the same … [Read more...] about Vietnam’s economic growth forecast at 7.5 percent in 2022: World Bank

Recognising the achievements of Vietnam’s socioeconomic development in the second quarter, in late July, the Asian Development Bank (ADB) retained outlooks of GDP growth at 6.5 per cent in 2022 and 6.7 per cent in 2023, while lowering the forecast of Asia-Pacific as a whole in 2022 to 4.6 per cent. “With sustainable recovery, Vietnam is rising as a spotlight of the region,” said Andrew Jeffries, the ADB’s country director at last week’s meeting with the prime minister along with Vietnamese governmental agencies. The view of the meeting (Photo: VNA) The growth of Vietnam is driven by such factors as the expansion of trade, the faster-than-expected recovery in manufacturing, domestic travel, and the disbursement of public investment. According to the Ministry of Planning and Investment’s (MPI) General Statistics Office, GDP growth in Q2/2022 was 7.72 per cent on-year, surpassing all outlooks and the highest quarter GDP growth since 2011. This was contributed by the … [Read more...] about Growth forecasts take price risks into account

Thailand's economy expanded at the fastest pace in a year in the second quarter as eased COVID-19 restrictions boosted activity and tourism, reinforcing views that more rate hikes will be needed to curb inflationary pressures. Southeast Asia's second-largest economy is making a steady recovery after the lifting of pandemic curbs but still faces headwinds ranging from inflation at 14-year highs to China's slowdown and weaker global demand. The government slightly revised its 2022 economic growth forecast to 2.7% to 3.2% from an earlier 2.5% to 3.5% range. Last year's 1.5% growth was among the slowest in Southeast Asia. The Thai economy grew an annual 2.5% in the June quarter, the fastest since the second quarter of 2021, data from the National Economic and Social Development Council (NESDC) showed on Monday. That compared with a forecast 3.1% rise in a Reuters poll and a revised 2.3% growth in the March quarter.. The pace might "not be that high" possibly because of … [Read more...] about Thai GDP notches fastest growth in a year on eased COVID curbs

The city is keen to avoid any Covid-19 impacts that could derail its plan for socio-economic recovery for this year. The Hanoi People's Committee has urged local agencies to remain vigilant against the Covid-19 pandemic and accelerate the disbursement of public funds, seen as a key task for socio-economic recovery for the rest of the year. Electronics production at Rhythm Precision Vietnam, Soc Son District, Hanoi. Photo: Pham Hung Among the key tasks, the city would focus on the Covid-19 vaccine roll-out by providing boosters for eligible people, including the completion of vaccination for children aged 5-12 before September 2022, noted the municipal People’s Committee in a directive. The city’s authorities reiterated public investment is a key task for economic development and considered pubic fund disbursement a key criterion to evaluate the performance of each agency, department, and unit by year-end, especially leaders and senior officials. “Efforts … [Read more...] about Hanoi boosts socio-economic growth, but remains vigilant against Covid-19