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IMF revises up Viet Nam’s GDP growth forecast to 7% in 2022

VGP - The International Monetary Fund (IMF) has raised Viet Nam's GDP growth forecast to 7 percent this year, lifting it by a full percentage point from three months earlier and the only significant upward revision among major Asian economies.

September 08, 2022 12:07 PM GMT+7
IMF revises up Viet Nam’s GDP growth forecast to 7% in 2022 - Ảnh 1.

According to the IMF's article themed "Viet Nam Bucks Asia's Weakening Growth Trend", the IMF noted that Viet Nam's upbeat growth outlook is bucking the slowing trend elsewhere in Asia, with relatively subdued inflation that's also an exception to the general rule in the region.

The first half of this year saw a swift economic rebound as Viet Nam's pandemic restrictions eased following the adoption of a living-with-COVID strategy and a robust vaccination drive.

Supportive policies such as low interest rates, strong credit growth, and the government's Program for Socioeconomic Recovery and Development have been accompanied by strong manufacturing output and a recovery in retail and tourism activity, highlighted the IMF.

Meanwhile, the IMF lowered the projection for next year by 0.5 percentage points to 6.7 percent, but that still contrasts with dimming prospects elsewhere and would be the fastest pace among Asia's major economies.

Earlier in August, the World Bank said that Viet Nam's GDP growth is predicted to surge from an estimated 2.6 percent in 2021 to 7.5 percent in 2022, while inflation is projected to average 3.8 percent over the year.

Standard Chartered forecasted Viet Nam's economic growth at 6.7 percent this year while HSBC upgraded Viet Nam's GDP growth forecast from 6.6 percent to 6.9 percent in 2022 following large-scale economic recovery and 7.72 percent GDP growth rate in Q2.