CIEM forecasts GDP growth at 6.13-6.48% for 2024

The CIEM on Monday released a report entitled “Viet Nam's economy in 2023 and prospects for 2024: Reforms to accelerate growth recovery” which envisages two development scenarios for the Southeast Asian country this year.

The institute expects that export turnover would grow at 4.02 percent in the first scenario and 5.19 percent in the second scenario.

Trade surplus is projected to reach at US$5.64 billion and US$6.26 billion, for the first and second scenarios, respectively.

The country’s average inflation this year is forecast to be at 3.94 percent and 3.72 percent in the first and second scenarios, respectively.

CIEM Director Tran Thi Hong Minh said 2024 would be another difficult year for the world in general and for Viet Nam in particular. However, the Vietnamese economy would perform better if the quality of insitutions is further improved.

Insiders also recommended that the country needs to continue to overcome challenges occurring in implementing the Regional Comprehensive Economic Partnership (RCEP), as well as effectively maximizing benefits from trade deals.

In its Resolution approving the socio-economic development plan for 2024, the National Assembly sets a GDP growth target of 6-6.5 percent for 2024.

Earlier, Standard Chartered Bank predicted that the Vietnamese economy may expand 6.7 percent in 2024, with 6.2 percent and 6.9 percent in the first half and second half of the year, respectively.

The Asian Development Bank (ADB) forecast that Viet Nam will post a growth rate of 6 percent in 2024.

Last year, the country's GDP growth was estimated at 5.05 percent, reported the General Statistics Office./.