31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / News / Viet Nam
World Bank maintains Vietnam’s GDP growth forecast at 6.5% in 2020
Ngoc Thuy 16:55, 2020/01/09
In 2020, the country’s domestic demand is set to benefit from generally supportive financial conditions amid low inflation and robust capital flows.

The World Bank has maintained Vietnam’s GDP growth forecast at 6.5% in 2020, unchanged from its previous prediction last June, according to the World Bank latest report tilted “2020 Global Economic Prospect.”

 

In 2020, the country’s domestic demand is set to benefit from generally supportive financial conditions amid low inflation and robust capital flows.

World Bank’s forecast is in line with that of HSBC as it expected the economy to expand 6.6% year-on-year, putting Vietnam among fastest growing economies in East Asia and Pacific. HSBC stated as FDI inflows continues to add production capacity, Vietnam’s manufacturing sector is likely to remain robust.

On November 11, the National Assembly approved Vietnam’s socio-economic development plan for 2020, including the GDP growth target of 6.8%.

Vietnam’s GDP growth in 2019 achieved an impressive pace of 7.02%, far exceeding the target set by the National Assembly at 6.6 – 6.8%. This marked the second consecutive year that Vietnam’s economy expands over 7%, following a 10-year high GDP growth of 7.08% in 2018.

According to the World Bank’s report, global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year’s significant weakness but downward risks persist.

Growth among advanced economies as a group is anticipated to slip to 1.4% in 2020 in part due to continued softness in manufacturing. Growth in emerging market and developing economies is expected to accelerate this year to 4.1%. This rebound is not broad-based; instead, it assumes improved performance of a small group of large economies, some of which are emerging from a period of substantial weakness. About a third of emerging market and developing economies are projected to decelerate this year due to weaker-than-expected exports and investment. 

 

In the East Asia and Pacific, regional growth is projected to ease to 5.7% in 2020, reflecting a further moderate slowdown in China to 5.9% this year amid continued domestic and external headwinds, including the lingering impact of trade tensions.

RELATED NEWS
TAG: Vietnam GDP 2020 forecast World Bank HSBC China US trade war East Asia Pacific National Assembly
Other news
15:52, 2023/52/02
Vietnam publishes book on Communist Party chief’s anti-corruption
The book shows the Party Chief’s comprehensive direction in graft fight based on practice and foresight of issues of the Party building, anti-corruption, and the country’s development.
15:58, 2023/58/31
Vietnam, Russia mark 73rd anniversary of diplomatic relations
Although the world political and economic situation has been in turmoil, bilateral cooperation in key areas has continued to strengthen.
07:33, 2023/33/22
Party General Secretary extends greetings for Year of the Cat
On the occasion of the Year of the Cat 2023, Party General Secretary Nguyen Phu Trong has delivered remarks offering the best wishes to the Vietnamese at home and abroad as well as people around the world.
23:52, 2023/52/21
Vietnamese people eager to celebrate Lunar New Year
In big cities, crowds enjoy good moments together in celebration of Tet.
15:39, 2023/39/21
Norway Ambassador expects to visit pagodas in Hanoi in first Tet
Norwegian Ambassador to Vietnam Hilde Solbakken is eager to visit temples and pagodas in the capital city to see how they are decorated for Tet.
08:02, 2023/02/21
UNICEF promotes disadvantaged populations’ rights in Vietnam
UNICEF’s support in Vietnam is accelerating the realization of child rights to ensure that no child is left behind.