Hanoi (VNA) – The Asian Development Bank (ADB)maintained its forecast for Vietnam’s GDP growth at 6.5 percent in 2022 andprojected the economy to further expand by 6.7 percent in 2023, it was heard at apress conference in Hanoi on April 6 morning.
The event was held to announce the Asian Development Outlook2022 newly released by the ADB and update about Vietnam’s economic prospectthis year.
Much was expected of the economy last year, but theresurgence of COVID-19 has pulled down the GDP growth to just 2.6 percent,according to ADB Country Director for Vietnam Andrew Jeffries.
Vietnam’s economy is expected to rebound to 6.5 percent thisyear and further expand to 6.7 percent in 2023, due to the high vaccinationrate, he said, adding that this will allow the government to implement moreflexible virus control measures, push for trade expansion, further accelerateregional partnership and boost tourism.
He also highly spoke of the government’s Economic Recovery andDevelopment Programme approved by the National Assembly in January.
The Asian Development Bank (ADB) announces the Asian Development Outlook 2022 at a press conference in Hanoi on April 6. (Photo: baoquocte.vn)
The ADB, on the other hand, highlighted near-term downsiderisks that could cloud Vietnam’s recovery, for example, the high COVID-19infections and the slowing global recovery that could affect Vietnam’s externaltrade.
Jeffries said that Vietnam’s macro-economy remains stablewith improved investment environment and the help of multilateral free tradeagreements. These factors would enable the country to lure more investment,boost foreign trade and support the economy recovery.
According to the report, a recovering labour market, alongwith monetary and fiscal stimulus measures of the government’s EconomicRecovery and Development Programme, will spur industrial growth by a projected9.5 percent in 2022. Agriculture output is expected to grow 3.5 percent thisyear, on revived domestic demand and rising global commodity prices.
The reopening of tourism in mid-March and easing of pandemiccontrols are expected to boost services, with the sector forecast to grow by5.5 percent this year. Accelerated public funding disbursements will driveconstruction and related economic activities. In tandem with the economicrevival and the uncertainty of global oil prices, inflation is expected toaccelerate to 3.8 percent in 2022 and 4.0 percent in 2023.
The ADB forecast Asia’s developing economies to grow 5.2percent this year and 5.3 percent in 2023, thanks to a robust recovery indomestic demand and continued expansion in exports. Inflation in the regionremains manageable but is forecast to rise to 3.7 percent this year, beforemoderating to 3.1 percent in 2023./.
The event was held to announce the Asian Development Outlook2022 newly released by the ADB and update about Vietnam’s economic prospectthis year.
Much was expected of the economy last year, but theresurgence of COVID-19 has pulled down the GDP growth to just 2.6 percent,according to ADB Country Director for Vietnam Andrew Jeffries.
Vietnam’s economy is expected to rebound to 6.5 percent thisyear and further expand to 6.7 percent in 2023, due to the high vaccinationrate, he said, adding that this will allow the government to implement moreflexible virus control measures, push for trade expansion, further accelerateregional partnership and boost tourism.
He also highly spoke of the government’s Economic Recovery andDevelopment Programme approved by the National Assembly in January.
The Asian Development Bank (ADB) announces the Asian Development Outlook 2022 at a press conference in Hanoi on April 6. (Photo: baoquocte.vn)Jeffries said that Vietnam’s macro-economy remains stablewith improved investment environment and the help of multilateral free tradeagreements. These factors would enable the country to lure more investment,boost foreign trade and support the economy recovery.
According to the report, a recovering labour market, alongwith monetary and fiscal stimulus measures of the government’s EconomicRecovery and Development Programme, will spur industrial growth by a projected9.5 percent in 2022. Agriculture output is expected to grow 3.5 percent thisyear, on revived domestic demand and rising global commodity prices.
The reopening of tourism in mid-March and easing of pandemiccontrols are expected to boost services, with the sector forecast to grow by5.5 percent this year. Accelerated public funding disbursements will driveconstruction and related economic activities. In tandem with the economicrevival and the uncertainty of global oil prices, inflation is expected toaccelerate to 3.8 percent in 2022 and 4.0 percent in 2023.
The ADB forecast Asia’s developing economies to grow 5.2percent this year and 5.3 percent in 2023, thanks to a robust recovery indomestic demand and continued expansion in exports. Inflation in the regionremains manageable but is forecast to rise to 3.7 percent this year, beforemoderating to 3.1 percent in 2023./.
VNA
