Annual us gdp growth

As a leading financial newspaper run by Japanese media giants Nikkei Inc., Nikkei Asia have stated that, “Southeast Asia's growth leader in 2021 may well be Vietnam”, during a recent article detailing ASEAN's GDP forecasts for the year ahead. According to Nikkei, the country recorded economic growth of 2.9% last year due to its success in containing the novel coronavirus (COVID-19), in addition to the robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5% this year. The Japanese media also quote a report produced by Gareth Leather, senior Asia economist at Capital Economics, who notes that Vietnamese exports should continue to be supported by tariffs imposed by the United States on Chinese goods. "To avoid US tariffs, importers have shifted demand from China to alternative suppliers. With US-China relations likely to remain strained over the years ahead, this trend is likely to continue,” Leather noted. Nikkei also stress that before the pandemic, Southeast Asia achieved collective annual growth of approximately 5% over the course of many years, therefore making it one of the world's best-performing regions in economic terms. According to media reports, the region has become an attractive investment destination, with a relatively young population that drives demand and provides plenty of manufacturing labour. Although these factors can be viewed as advantages that can boost economic growth, the region’s top priority in the short term is to stamp out COVID-19. VOV/Nikkei Asia …

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The highlight of 2020 was that Vietnam achieved and exceeded 10 out of the 12 main targets assigned by the National Assembly, up two targets compared to the estimate, including the targets on the growth rate of total export revenue and on the unemployment rate in urban areas. This is an encouraging economic result amid the “COVID-19 period” because the pandemic caused dramatic declines on consumption worldwide, pushing production and export activities to stagnation and raising unemployment rate. In addition, the implementation of four other goals has better performance than the estimates reported to the National Assembly, including the growth rate of gross domestic product (GDP), the average growth rate of consumer price index (CPI), trade surplus, and the percentage of population participating in health insurance. Basically, the growth quality of the economy has been improved with less dependence on natural resource exploitation, raw exports, and cheap labour while gradually shifting to rely on application of science, technology and innovation, and the processing and manufacturing industry. It can be said that Vietnam's economy had a year of brave growth in both quantity and quality, which were not only kept stable but also growing. This result has added a highlight to the economic picture of Vietnam in such a difficult year while reinforcing the confidence of the whole society in the Government's policy and governance in the context unpredictable developments of the COVID-19 pandemic. However, with GDP growth rate of 2.91% in 2020, Vietnam's economy had the lowest growth year in the past ten years and failed to meet the target set for the 2016 – 2020 period. This is a big challenge in the starting year of the implementation of the 5-year socio-economic development plan in the 2021 - 2025 period and the ten-year strategy in the 2021 – 2030 period. To continue with another year of brave growth, right from the beginning of 2021, the entire political …

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The Hanoitimes - Statistical data remain objective, accurate and in compliance with laws, said Prime Minister Nguyen Xuan Phuc. Never a government leader has asked for falsifying statistical data during the process of gathering socio-economic information, Prime Minister Nguyen Xuan Phuc has stated. Prime Minister Nguyen Xuan Phuc speaks at the meeting. Source: VGP. Statistical data remain objective, accurate and complies with laws, said Phuc at a conference of the General Statistics Office (GSO) on January 6. Referring to the GDP revision, Phuc said the GSO has done a good job, ensuring full compliance with international practices. “This is not for the sake of achievement that the government decided to revise the GDP revision," said Phuc, adding the objective of the revision is to have a clearer basis to set up development strategies for the next five and ten years. Head of the GSO Nguyen Bich Lam said the move was necessary to reflect the country’s economic performance more accurately, and enhance Vietnam’s status on the regional and international stages. PM Phuc said in 2019, Vietnam’s nominal GDP stood at US$262 billion, which is based on existing data. Phuc said the 13%-credit growth showed the country’s economy is developing at a healthier, depending less on credit, while social investment capital accounted for 33 – 34% of the GDP. Statistical capacity of Vietnam in 2018 was ranked 19th out of 145 countries and territories by the World Bank, placing Vietnam at second place in Southeast Asia and higher than the average score of the Asia – Pacific region. Last August, Head of the GSO Nguyen Bich Lam announced the GDP revision that resulted in an enlargement of 25.4% annually of Vietnam’s economy in the 2010 – 2017 period compared to the previous data, in which 2011 recorded the highest growth rate of 27.3% and 2015 grew the lowest rate of 23.8%. As such, GDP growth rates from 2011 to 2017 are 6.41%; 5.50%; 5.55%; 6.42%; …

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