The World Bank last week announced its “East Asia and Pacific in the time of COVID-19” report, which stated that while prospects remain favourable for the Vietnamese economy in the medium term, GDP growth will be affected negatively by the coronavirus outbreak, now a global pandemic. “Preliminary estimates suggest that the rate of expansion of the economy could decline to about 4.9 per cent in 2020, which is about 1.6 percentage points lower than our previous forecast,” read the report. However, the World Bank also showed its strong belief that over the medium term, growth is projected to rebound back to 7.5 per cent in 2021 and converge at around 6.5 per cent in 2022, “reflecting an improved external demand and a firming of the services sector, as well as a gradual recovery in agricultural production. The economy will also rebound from the global coronavirus pandemic,” said World Bank country director for Vietnam Ousmane Dione. Global analyst FocusEconomics last week told VIR that it projects the Vietnamese economy to expand by only 5.2 per cent in 2020, down 1.3 percentage points from last month’s forecast, and 7 per cent in 2021. Notably, the firm’s February forecast of 6.5 per cent… Read full this story
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