World Bank upbeat about Vietnam amidst regional slowdown

By Nguyen Quy   January 10, 2020 | 02:33 am PT
World Bank upbeat about Vietnam amidst regional slowdown
A Vietnamese worker at a plastic bag factory. Photo by VnExpress/Nguyen Bach Thao.
The World Bank projects Vietnam’s GDP growth rate at 6.5 percent this year as the regional economy continues to experience a slowdown.  

With this forecast, Vietnam ranks third in the East Asia and Pacific region in terms of economic growth after Cambodia (6.8 percent) and Myanmar (6.7 percent), according to the "2020 Global Economic Prospects" report released Thursday by the World Bank.  

The report says that this year, Vietnam’s domestic demand could benefit from "generally supportive financial conditions amid low inflation and robust capital flows."

The bank also forecast Vietnam's economy will maintain its growth at 6.5 percent next year before slipping to 6.4 percent in 2022.

In the East Asia and Pacific region, growth is projected to ease to 5.7 percent in 2020, reflecting a further moderate slowdown in China to 5.9 percent this year "amid continued domestic and external headwinds, including the lingering impact of trade tensions."

Vietnam’s GDP growth reached 7.02 percent in 2019, slowing from 7.08 percent in 2018, but remaining the second highest growth figure in the last decade.

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