WB revises Viet Nam's GDP growth to 6.5%

In the October edition of its semi-annual economic outlook for the region – the East Asia and Pacific (EAP) Economic Update, the international financial institution raises Viet Nam's economic growth to 6.5 percent.

The WB predicts growth in East Asia and the Pacific at 4.8 percent in 2024, slowing to 4.4 percent in 2025.

"Countries in the East Asia and the Pacific region continue to be an engine of growth for the world economy," stated Manuela V. Ferro, Vice-President of the World Bank for East Asia and the Pacific.

"However, growth is slowing. To sustain strong growth over the medium-term countries in EAP must be proactive in modernizing and reforming their economies to navigate changing patterns of trade and technological change."

The General Statistics Office (GSO) reported that in the first nine months, Viet Nam's economy  expanded 6.82 percent year-on-year in the first nine months. In Q3, the economy grew 7.4 percent year-on-year despite heavy impacts from super typhoon Yagi. The government will stay steadfast in development goals for 2024, striving to secure national GDP growth of above 7 percent.

Earlier, despite unpredictable fluctuations in the global economy, Viet Nam's economy still receives many positive forecasts from international financial organizations.

The Asian Development Bank (ADB) projected a positive economic outlook for the country, forecasting its gross domestic product (GDP) growth at 6 percent in 2024 and 6.2 percent in 2025 in its September Asian Development Outlook (ADO) released on September 25.

The International Monetary Fund pegs Vietnam's economic growth at nearly 6% this year, driven by exports, foreign direct investment, and policy support.

HSBC maintains its forecast for Viet Nam's GDP growth rate at 6.5 percent for both 2024 and 2025 despite the temporary economic disruptions from Typhoon Yagi./.