IMF Forecasting Vietnam among the best-performing economies in 2023

DNHN - The International Monetary Fund (IMF) projects that Vietnam, along with the Philippines and Cambodia, will be among the best-performing economies in East Asia and the Pacific in 2023.

In its recently released annual World Economic Outlook in Washington, the International Monetary Fund (IMF) predicts that Vietnam will be among the best-performing economies in East Asia and the Pacific over the next few years. with the Philippines and Cambodia this year.

RCEP is the largest trade agreement in the world at present. Consequently, it is anticipated that the Philippine economy will grow at a rate of 6%, the highest among the 15 members of the Regional Comprehensive Economic Partnership (RCEP). Both the economies of Cambodia and Vietnam are expected to grow by 5.8% in the coming year. Following China is Indonesia with 5%, Malaysia with 4.5%, Laos with 4%, and Laos with…

The IMF expects the global economy to grow by 2.8% this year, which is 0.1 percentage points less than the January forecast and 0.1 percentage points less than the October forecast from last year. The global economy appears to have gradually recovered from the severe blows of the pandemic and the Ukraine conflict. After reopening the Chinese economy, confidence has also returned. War-related supply chain disruptions and energy and food market disruptions are diminishing.

The massive and synchronized tightening of monetary policy by the majority of central banks should begin to bear fruit, with inflation returning to target levels. Underneath the surface, however, chaos lurks, as evidenced by the recent banking turmoil.

The global economy is entering a "difficult period" marked by historically lackluster growth, increased financial risks, and persistent inflation, according to the IMF's economic adviser.

According to the IMF report, in the event of a severe economic downturn, the global GDP per capita could be on the verge of falling by approximately 15%.

The projected growth rate for the next five years is gradually decreasing from 4.6% in 2011 to 3% in 2023. This is in part due to the previously rapid growth of economies like China and South Korea. Growth is decelerating.

The world is entering a perilous period characterized by low economic growth relative to historical norms, rising financial risks, and stable inflation. The most recent IMF projections also indicate an overall decline in medium-term growth projections.

Ngoc Phi (TH)