Viet Nam’s GDP growth forecast to rank second in ASEAN in 2023: IMF report
VGP - Viet Nam’s GDP is projected to grow 5.8 percent this year to become the second fastest growing economy in Southeast Asia, only after the Philippines, according to the International Monetary Fund (IMF)’s world economic outlook report released in April 2023.
The IMF forecasted that Viet Nam's economy would expand 6.9 percent next year, taking the lead in the region.
The nation's GDP per capita is expected to reach nearly US$7,000 by 2028, ranking fourth in ASEAN, the IMF highlighted.
Remarkably, the country may exhibit the lowest public debt among the ASEAN Member States in 2023.
Referring to the decrease in public debt in this nation, the report attributes it to the fact that the State Bank of Viet Nam (SBV) steadily reduced the regulatory interest rate to spur economic development.
This is an important measure that will guide the trend of lowering market interest rates in the future, so as to encourage businesses and citizens' contributions to the growth of the economy, said Dao Minh Tu, Deputy Governor of SBV.
The deficit this year would be equivalent to 36.3 percent of GDP and would decline to 31.3 percent in 2028, the lowest level recorded in nearly two decades, the financial organization predicted.
The report also estimated that Viet Nam's inflation rate may remain at 5 percent in the current year and decrease to 3 percent in 2024./.