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Vietnam's GDP growth to reach 6.3% in 2023: WB

Bao Dai Friday | 01/13/2023 13:54

Reuters: Kham

Vietnam's economy will gain in 2023 as businesses in China begin to progressively recover as pandemic-related restrictions ease.

In its recently issued report on Global Economic Prospects, the World Bank (WB) predicts that global GDP would expand by 1.7% in 2023 less than the 3% it had previously predicted on May 6, 2022. However, Vietnam's GDP is still expected to increase by 6.3%.

According to ADB, after a strong rebound in 2021, growth in the East Asia and Pacific area has slowed significantly in 2022, to a projected 3.2%, 1.2% lower than with earlier forecasts.

Compared to the June 2022 forecast, growth in the region outside of China is expected to be 0.8 percentage points higher in 2022, reflecting positive growth rates in Malaysia, the Philippines, Thailand, and Vietnam. The majority of these nations have benefited from a strong recovery in commodity exports.

 

Following a strong recovery in 2022, Malaysia, the Philippines, and Vietnam's growth are expected to decline as export growth to important markets slows. Malaysia is expected to grow by 4%, the Philippines by 5.4%, and Vietnam by 6.3%. The WB projects that Vietnam's GDP to grow at a rate that is close to that of the National Assembly's target for 2023.

"Commodity- and export-dependent economies like Cambodia, Malaysia, Mongolia, and Vietnam are particularly vulnerable to slowing export demand, including from China. The region continues to experience an increased frequency of highly disruptive weather events linked to climate change", The experts at the World Bank said.

Source: VnEconomy

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