31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
IMF maintains Vietnam GDP growth forecast at 6.5% in 2021
Ngoc Thuy 12:06, 2021/04/08
Vietnam would be the second fastest growing economy in ASEAN.

Vietnam’s GDP is set to expand 6.5% in 2021, higher than the global average of 6%, and then rebound to 7.2% next year, according to the International Monetary Fund (IMF) in its latest World Economic Outlook report.

 Asian and Pacific Economies. 

Such growth would put Vietnam as the second fastest growing economy among five major economies of ASEAN (Indonesia, Thailand, Vietnam, the Philippines and Malaysia) along with Malaysia, and behind the Philippines at 6.9%, revealed the report.

Meanwhile, the ASEAN-5 is set to average a growth rate of 4.9% in 2021 and 6.1% next year.

According to the IMF’s report, positive economic prospect is expected to put Vietnam’s unemployment rate down to 2.7% in 2021 from 3.3% of last year, which would then further decline to 2.4% in 2022.

For the global economy, the IMF expected the world’s growth to stay around 6%, 0.8 percentage point higher than its previous forecast last October, reflecting additional fiscal support in a few large economies and the anticipated vaccine-powered recovery in the second half of the year.

“Thanks to unprecedented policy response, the COVID-19 recession is likely to leave smaller scars than the 2008 global financial crisis,” stated the IMF in a statement.

“However, emerging market economies and low-income developing countries have been hit harder and are expected to suffer more significant medium-term losses,” it added.

 IMF Managing Director Kristalina Georgieva at the virtual meeting

At the virtual 2021 Spring Meetings held on April 7, IMF Managing Director Kristalina Georgieva called for governments to collaborate and provide vaccines to everyone, saying ”faster progress in ending the health crisis could add almost US$9 trillion to global GDP by 2025—best value for public money in our times—but this window of opportunity is closing fast.”

Georgieva revealed the IMF would allocate funding of US$650 billion to help address the long-term global need for reserve assets and provide a substantial liquidity boost to all country members, especially the most vulnerable.

RELATED NEWS
TAG: ASEAN GDP growth IMF Philippines Covid-19 pandemic US China
Other news
17:25, 2022/25/09
Vietnamese Gov’t halves MFN tariff on petrol products to 10%
Such a move will help Vietnam diversify oil import sources from China, the US, and the Middle East, and avoid dependence on certain partners amid growing global uncertainties.
16:25, 2022/25/09
Vietnamese tourism looks at niche markets
Travel businesses will concentrate on niche markets rather than traditional markets such as South Korea or Japan.
15:10, 2022/10/09
EVFTA drives Vietnam’s exports forward
Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market.
18:18, 2022/18/08
Vietnam’s GDP growth set to expand 7.5% in 2022: World Bank
In long term, transforming the higher education system will be key to boosting Vietnam’s productivity and helping achieve its goal of becoming a high-income country by 2045.
17:59, 2022/59/08
People and businesses urged to take part in the digitalization: PM
Digitalization is seen as a major instrument for Vietnam to promote an independent and self-reliant economy.
11:24, 2022/24/07
Hanoi Agriculture Fair 2022 underway until August 7
Many consumers have joined a promotion fair, which is displaying products under the One Commune, One Product (OCOP) program, farm produce, regional specialties, and processed foods.