Vietnam's growth expectation remains at 6.5 per cent, according to the ADB

DNHN - The Asian Development Bank (ADB) has indicated that its growth prediction for Vietnam remains unchanged at 6.5 per cent in 2022 and 6.7 per cent in 2023, as previously reported in the Economic Report. ADO (Asian Development Outlook) for April 2022.

The Asian Development Bank (ADB) stated in the additional version of the Asian Development Outlook (ADO) 2022 issued on July 21 that developing Asia and the Pacific are still recovering from the COVID-19 epidemic. Many nations are relaxing travel restrictions, which is aiding economic growth.

However, growth in China, the region's largest economy, has slowed as a result of interruptions created by new COVID-19 lockdowns, as well as falling global demand.

China's GDP is expected to rise by 4% this year, up from 5% previously predicted. The ADB reduced India's GDP forecast from 7.5 per cent to 7.2 per cent due to higher-than-expected inflation and monetary tightening.

ADB reduced its regional economic growth prediction for 2023 from 5.3 per cent to 5.2 per cent, while increasing its inflation forecast from 3.1 per cent to 3.5 per cent.

As reported in the April 2022 ADO, ADB maintains its growth prediction for Vietnam at 6.5 per cent in 2022 and 6.7 per cent in 2023.

According to the ADB, Vietnam's growth will continue to be driven by the expansion of trade activities, the faster and stronger-than-expected recovery of the manufacturing sector, the situation of domestic travel, which has also improved; and the disbursement rate of public investment capital, which has also improved.

PV