IMF sees Vietnam economy growing
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Vietnam’s economy is set to grow at 6.5 percent this year, well above the ASEAN average of 4.9 percent, as it shrugs off the impacts of Covid-19.
It is the second-highest rate forecast by the International Monetary Fund for ASEAN-5 countries. The Philippines tops with 6.9 percent, Malaysia ties Vietnam at 6.5 percent, Indonesia is expected to grow at 4.3 percent, and Thailand at 2.6 percent.
Vietnam’s growth could rise to 7.2 percent in 2022, the IMF said.
Its unemployment rate of 3.3 percent last year is set to drop to 2.7 percent this year, the second-lowest among the ASEAN-5 and only higher than Thailand’s 1.5 percent. In the first quarter of this year GDP growth was 4.48 percent, 0.8 percentage points higher year-on-year.
Market research company Fitch Solutions has forecast Vietnam will grow at an average of 6.5 percent through the next decade.
The government targets 6.5–7 percent growth target for 2021-25.
Questions & Answers
Q.Which other ASEAN-5 country is forecast to achieve the same growth rate as Vietnam this year?
Which other ASEAN-5 country is forecast to achieve the same growth rate as Vietnam this year?
Malaysia is forecast to tie with Vietnam, both expected to grow at 6.5 percent this year. This places them as the second-highest rates among the ASEAN-5.
Q.What is the predicted growth rate for Vietnam's economy in the coming year, according to the IMF?
What is the predicted growth rate for Vietnam's economy in the coming year, according to the IMF?
The IMF predicts that Vietnam's economic growth could increase to 7.2 percent in 2022. This represents a potential rise from the 6.5 percent forecast for the current year.
Q.What is the unemployment rate forecast for Vietnam this year, and how does it compare to other ASEAN-5 nations?
What is the unemployment rate forecast for Vietnam this year, and how does it compare to other ASEAN-5 nations?
Vietnam's unemployment rate is set to drop to 2.7 percent this year. This is the second-lowest among the ASEAN-5, with only Thailand having a lower rate at 1.5 percent.
Q.What is the long-term average growth forecast for Vietnam by Fitch Solutions?
What is the long-term average growth forecast for Vietnam by Fitch Solutions?
Fitch Solutions forecasts that Vietnam will grow at an average of 6.5 percent throughout the next decade. This indicates sustained economic performance beyond the current year.
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