Vietnam’s Gross Domestic Product (GDP) is projected to grow 6.7% by 2021 and will continue to rank among the leading economies in the Asia-Pacific region in terms of having the highest growth rate, according to the recently published World Economic Outlook by the International Monetary Fund (IMF).
Vietnam's GDP growth is anticpated to rebound next year
The news comes after the IMF revised down its forecast for the country’s GDP growth to 1.6% in 2020 from its previous estimate of 2.7% in June, meaning Vietnam now ranks second in the Asia-Pacific region, behind only China on 1.9% growth.
While other advanced countries in the region such as Singapore, Australia, and New Zealand are facing negative growth, Vietnam is currently among the few countries in the Asia-Pacific region that have been able to successfully maintain positive growth amid the COVID-19 impact.
In terms of ASEAN, five economies, including Vietnam, Indonesia, Thailand, Malaysia, and the Philippines, are expected to contract by 3.4% in 2020, before enjoying growth of 6.2% in 2021.
The IMF therefore forecasts that Vietnamese GDP this year may exceed US$340 billion, higher than Singapore with US$337 billion, and the Philippines with US$367 billion.