The World Bank released a report on Vietnam's economy in March 2023

DNHN - In 2023, economists forecast, Vietnam's GDP growth will still face many challenges due to weaker exports to the US and Europe.

The World Bank (WB) released Vietnam's economic update report for March 2023 in Hanoi on March 13 with the theme "Awakening the potential of services for growth."

According to experts from the World Bank, Vietnam's economic growth faces numerous obstacles as a result of the global economy's slow growth and declining demand. Inflation, tightening monetary and financial conditions, and escalating geopolitical complication are all looming threats.

In addition to difficulties, experts from the World Bank noted that Vietnam's economy experienced positive growth in 2022, with a GDP growth rate of over 8%, an increase from the previous year. This robust growth is attributable in part to the low growth effect of 2021, the recovery of domestic demand from the blockade period, and the robust export results in the first three quarters of 2022.

Economists predict that Vietnam's GDP growth will continue to be hampered by weaker exports to certain countries, such as the United States and Europe, and the opening of China in 2023. Vietnam's GDP growth could reach 6.3% in 2023, lower than the growth rate of more than 8% in 2022, due to the effects of financial markets and the global economy reducing the growth momentum in 2023.

Despite the challenges facing Vietnam, according to the economists of the World Bank, Vietnam's economy can perform better if budget spending, particularly private investment, is implemented more efficiently. In addition, the role of fiscal support policy and its effective implementation will continue to play a crucial role in Vietnam's economic recovery and growth, particularly in light of the global situation. There is considerable uncertainty.

PV