World Bank revises down Vietnam’s GDP forecast again

• Vietnam’s 2016 GDP growth revised down to 6.2 pct: World Bank
• Vietnam’s GDP growth to slow next year: ADB
• Vietnam tops GDP growth outlook among six largest ASEAN economies: OECD
• Vietnam targets 6.8 percent GDP growth next year
• Vietnam looking to speed up public investment to curb slowing GDP
• Economic institute predicts Vietnam's GDP growth at 6.17 pct in Q2
• Vietnam's 2016 growth target: 'out of reach'

In its latest report, the World Bank has revised down its estimate for Vietnam’s gross domestic product (GDP) for this year to 6 percent from the previous 6.2 percent, Achim Fock, Acting Country Director for the World Bank in Vietnam said in a statement released Tuesday.

The slower growth is attributed to the impacts of a severe drought on agricultural production and falling industrial growth.

“We expect GDP growth of 6 percent this year. Despite slightly softer growth this year, Vietnam’s medium term outlook remains positive,” Fock said.

In April this year, the World Bank revised down the forecast of Vietnam’s GDP growth in 2016 to 6.2 percent, from the original 6.5 percent mainly due to the severe drought and salinity in the southern region.

Drought in the Mekong Delta. Photo by VnExpress/Cuu Long

Vietnam achieved GDP growth of 5.5 percent during January-June, lower than 6.3 percent recorded a year earlier.

The central government is pushing for faster disbursement of state budget for public investment projects and has requested the state oil giant PetroVietnam to raise output to boost growth towards the 6.7 percent GDP growth target for this year.

Related news:

> Vietnam’s 2016 GDP growth revised down to 6.2 pct: World Bank

> Vietnam’s GDP growth to slow next year: ADB

> Vietnam's 2016 growth target: 'out of reach'