AMRO raises Viet Nam's 2024 GDP growth forecast to 7.6%

The ASEAN+3 Macroeconomic Research Office (AMRO)'s quarterly update of the ASEAN 3 Regional Economic Outlook has a positive outlook for Viet Nam's inflation, which is expected to moderate further to 2.9 percent this year and 2.7 percent next year.

However, its growth forecast for 2023 has been lowered from 6.8 percent to 4.4 percent due to weak manufacturing exports.

AMRO predicted the ASEAN+3 region's GDP to grow by 4.6 percent in 2023, up from 3.2 percent in 2022.

Although the ongoing weakness in global trade has prompted a slight reduction in the ASEAN growth forecast for 2023 to 4.5 percent from April's projection of 4.9 percent, this will be offset by improving prospects in the Plus-3 economies.

The region's growth is expected to ease slightly to 4.5 percent in 2024 while inflation is projected to moderate further to 2.4 percent.

The AMRO is an international organization established to contribute towards securing macroeconomic and financial stability of the ASEAN+3 region, comprising 10 members of ASEAN and China; Hong Kong (China); Japan; and South Korea.

AMRO's mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members.

In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

Source: VGP