Vietnam’s economic growth will be driven by continued trade expansion, the faster-than-expected recovery of manufacturing, domestic travel, and the acceleration of public investment. Show  The Asian Development Bank in its latest economic outlook report continues to maintain Vietnam’s GDP growth forecast at 6.5% in 2022, and accelerate to 6.7% in the subsequent year.
The forecast shows Vietnam’s bright prospects at a time when the ADB has lowered its economic growth projection for developing Asia and the Pacific to 4.6% this year from the previous 5.2% in April due to slower expansion in China, more aggressive monetary tightening in advanced economies, and fallout from the Russia-Ukraine conflict. Meanwhile, the bank also raised its forecast for inflation in the region, amid higher prices for food and fuel. According to the report, Vietnam’s economic growth will be driven by continued trade expansion, the faster-than-expected recovery of manufacturing, domestic travel, and the disbursement of public investment. Surging global commodity prices, especially global oil prices, would increase inflationary pressure, but the abundance of domestic food supply would help ease inflation in 2022. The inflation forecast therefore remained unchanged at 3.8% for 2022 and 4.0% for 2023 compared to ADB’s projection in April and stays in line with the Government's target of 4% this year. The ADB noted Vietnam’s economy, however, faces challenges similar to countries in the region from an unstable external economic environment, that may pose significant risks to its economic outlook. Overall in the region, the report noted developing Asian and Pacific countries are continuing their recovery from the Covid-19 pandemic. “The economic impact of the pandemic has declined across most of Asia, but we’re far from a full and sustainable recovery,” said ADB Chief Economist Albert Park. “On top of the slowdown in China, the fallout from the conflict in Ukraine has added to inflationary pressure that’s causing central banks around the world to raise interest rates, acting as a brake on growth. It’s crucial to address all these global uncertainties, which continue to pose risks to the region’s recovery.” China’s economy is poised to expand by 4.0% this year, compared with an earlier forecast of 5.0%. ADB also lowered its growth outlook for India to 7.2% from 7.5% amid higher-than-expected inflation and monetary tightening. Inflation in developing Asia and the Pacific is predicted to accelerate to 4.2% this year, compared with a previous forecast of 3.7%. However, inflation pressure in the region as a whole is still lower than elsewhere in the world. For 2023, ADB lowered its economic growth projection for the region to 5.2% from 5.3%, while raising the inflation forecast to 3.5% from 3.1%. Growth forecasts for some subregions were upgraded. The outlook for Southeast Asia was raised to 5.0% this year from 4.9% amid increased domestic demand due to more relaxed Covid-19 restrictions.
HÀ NỘI — The Asian Development Bank (ADB) keeps this year’s growth forecast for Việt Nam at 6.5 per cent in 2022 and 6.7 per cent in 2023 as released in the April 2022 Asian Development Outlook (ADO). Growth will be driven by continued trade expansion, the faster-than-expected recovery of manufacturing, domestic travel and the disbursement of public investment, according to the ADB’s ADO Supplement July 2022 released on Thursday. Surging global commodity prices, especially global oil prices, would increase inflationary pressure. However, the abundance of domestic food supply in Việt Nam would help ease inflation in 2022. The inflation forecast is therefore unchanged at 3.8 per cent for 2022 and 4 per cent for 2023 compared with ADB’s projection in April. The report said developing Asia and the Pacific is continuing its recovery from the COVID-19 pandemic. Many countries are easing mobility restrictions, which is strengthening economic activity. However, growth has slowed in China, the region’s largest economy, due to disruption from new COVID-19 lockdowns, as well as weaker global demand. So the ADB lowered its economic growth forecast for the region to 4.6 per cent this year due to slower expansion in China, more aggressive monetary tightening in advanced economies, and fallout from the continued Russia-Ukraine conflict. The outlook compares with a projection of 5.2 per cent issued by ADB in April. The bank also raised its forecast for inflation in the region, amid higher prices for food and fuel. “The economic impact of the pandemic has declined across most of Asia, but we’re far from a full and sustainable recovery,” said ADB Chief Economist Albert Park. “On top of the slowdown in China, fallout from the war in Ukraine has added to inflationary pressure that’s causing central banks around the world to raise interest rates, acting as a brake on growth. “It’s crucial to address all these global uncertainties, which continue to pose risks to the region’s Recovery,” he said. — VNS What are the forecasts on the GDP growth rates for 2022 and 2023?“We expect GDP (gross domestic product) growth in the Philippines to come in at 6.6% in 2022 and 6.2% in 2023, after the economy grew by 7.8% in the first half of this year,” Fitch Solutions Country Risk and Industry Research Head of Asia Country Risk Raphael Mok said in a webinar on Thursday.
What is the economic outlook for 2023?Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.
What is the economic growth in Vietnam?Recently, the International Monetary Fund altered Vietnam's economic growth forecast for 2022, revising it upward from 6 to 7 percent.
What is the GDP of Vietnam 2022?GDP in Vietnam is expected to reach 310.00 USD Billion by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Vietnam GDP is projected to trend around 340.00 USD Billion in 2023 and 356.00 USD Billion in 2024, according to our econometric models.
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