ADB boosts its forecast for Vietnam's GDP growth in 2022 while lowering its forecast for 2023

The Asian Development Bank (ADB) estimates the region's economy will grow by 4.2% this year and 4.6% the following year in the supplementary edition of the Asian Development Outlook (ADO) 2022 issued on December 14. 

This is a decrease from the institution's September predictions of 4.3% and 4.9%, respectively.

According to ADB, the region's growth prediction for this year has been lifted from 5.1% to 5.5%, owing to a strong rebound in consumption and tourism in Malaysia, the Philippines, Thailand, and Vietnam. However, because of weak global demand, the prediction for next year has been reduced from 5% to 4.7%.

In the backdrop of global economic instability, Vietnam's economy is operating well, but dangers to the country's outlook are growing.

ADB increased its economic growth prediction for Vietnam to 7.5% this year, up from 6.5% before. The 2022 inflation expectation has been reduced from 3.8% to 3.5%.

While trade is expanding, there are signals that worldwide demand for Vietnamese commodities is decreasing. 

Therefore, Vietnam's economic growth prediction in 2023 is reduced from 6.7% to 6.3% due to the weakening of its main trading partners.