Home / Economy / Trade - Service
Vietnam GDP growth forecast in 2020 remains highest in Asia: IMF
Ngoc Mai 15:51, 2020/06/26
The economy could be subject to a strong rebound of 7% in 2021.

The International Monetary Fund (IMF) maintains its forecast for Vietnam’s GDP growth at 2.7% in 2020, the highest in Asia, and the pace is expected to speed up to 7% in 2021.

Vietnam’s consumer price index is set at 3.2%, lower than the estimation of 4% this year. The economy could be subject to a strong rebound of 7% GDP growth rate in 2021.

Notably, in the IMF’s latest World Economic Outlook update, Thailand’s economic growth forecast has been revised down to -7.7%, one percentage point lower than the organization’s previous forecast in April, the largest contraction among Asian economies.

 Global growth is projected at -4.9% in 2020, 1.9 percentage points below IMF’s previous forecast.

The average growth forecast for ASEAN–5 (Indonesia, Malaysia, the Philippines and Vietnam) would record a contraction of 2% in 2020, before rebounding to 6.2% in 2021.

As the Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, global growth is projected at -4.9% in 2020, 1.9 percentage points below IMF’s previous forecast.

Major economies, including the US, China and Japan have all received a lower forecast in this update outlook, in which the US is predicted to shrink 8% (previously -5.9%), China with a positive growth of 1% (previously 1.2%), and Japan with -5.8% (previously -5.2%).

The outlook is even more gloomy for European countries, as Italy and Spain are subject to the deepest contraction of 12.8%, followed by France with -12.5% and Germany with -7.8%.

In 2021 global growth is projected at 5.4%. Overall, this would leave 2021 GDP some 6½ percentage points lower than in the pre-COVID-19 projections of January 2020. The adverse impact on low-income households is particularly acute, imperiling the significant progress made in reducing extreme poverty in the world since the 1990s, stated the IMF.

RELATED NEWS
TAG: IMF Vietnam GDP growth United Stated China Japan global outlook covid-19 coronavirus nCoV pandemic
Other news
19:30, 2020/30/13
Car sales in Vietnam up 26% in June
Vietnam imported 39,000 cars worth US$879 million in the first half of the year, down 47% year-on-year in volume and 47.7% in value.
23:05, 2020/05/12
ICHAM helps Vietnamese consumers identify genuine Italian products
Olive oil, the main element of the Italian cuisine, is similar to fish sauce in the Vietnamese cuisine.
05:09, 2020/09/10
EVFTA to boost cooperation between French and Vietnamese businesses
Vietnam is looking for cooperation with French companies in fields of renewable and green energies, hi-tech, agriculture, manufacturing and processing.
11:10, 2020/10/09
US – Vietnam Bilateral Trade Agreement opens door for Vietnam global integration
Right after the signing of BTA, Vietnam’s parliament initiated a process of revising more than 170 laws to ensure the compatibility of its legislation to the deal and international laws.
11:49, 2020/49/07
Vietnam puts illegal transshipment to US under control
Vietnam customs have identified a list of foreign goods forging Vietnamese origin that contributed to a surge in exports to the US, including bicycles, solar batteries, seafood, and wooden products.
23:20, 2020/20/06
Vietnam among world’s friendliest countries in 2020: InterNations
As a particularly safe country, Vietnam is a good choice for solo travelers.