The ADB maintains Vietnam's GDP growth forecast for 2022 at 6.5%

DNHN - On September 21, the Asian Development Bank (ADB) released the Asian Development Outlook (ADO) Update 2022, which maintains Vietnam's robust economic growth prospects, with GDP growing by 6.5% in 2022 and 6.7% in 2023.

According to the Asian Development Outlook (ADO) Update 2022, Vietnam's economy has expanded successfully despite global economic worries. The global food supply chain's recovery will assist raise agricultural production this year, but high input prices will continue to stymie the agricultural sector's rebound.

The industrial industry's expansion is slowed by declining global demand. In August, the Purchasing Managers' Index (PMI) eased slightly to 52.7 from 54.0 in June. The forecast for the manufacturing industry, on the other hand, remains bright thanks to considerable foreign direct investment in this sector.

The full resumption of domestic mobility in the nation, as well as the relaxation of travel restrictions for foreign visitors owing to the COVID-19 pandemic, will support a significant rebound in tourism in the second half of 2022, serving as the engine of development for the service industry.

"Vietnam's economy rebounded quicker than predicted in the first half of 2022 and continued to thrive under a tough global climate," stated Andrew Jeffries, ADB Country Director for Vietnam. The economy steadily rebounded on the strength of robust economic balances, aided by a faster-than-expected recovery in manufacturing and services."

According to the ADB assessment, excessive inflation in the United States and the European Union has boosted domestic inflation pressure.

However, Vietnam's careful monetary policy and efficient price regulation, particularly for petroleum goods, aid to keep inflation at 3.8% in 2022 and 4.0% in 2023, unchanged from the April 2022 Asian Development Outlook report.

According to ADB, Vietnam's economic outlook would continue to confront growing uncertainties. The global economic slowdown may have an impact on Vietnam's exports. In 2022, labour shortages are projected to influence the quick recovery of labour-intensive export manufacturing and service industries.

"The delay in distribution of public investment and social expenditures compared to the plan, particularly the delayed execution of the government's economic development and recovery program," the study noted.

Ha Anh