IMF expects Vietnamese GDP growth to jump 6.7% by 2021
- Government expects 6.5% GDP growth for Vietnam next year
- Oxford Economics forecast Vietnam’s GDP to grow 2.3% in 2020
- WB: Vietnam's GDP growth rate estimated at 3.8 percent in Q1
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.
