Colorado gdp growth

/ January 30, 2021

Vietnam named top-performing Asian economy in 2020: CNBC

The Hanoitimes - With this performance, Vietnam has delivered one of the highest growth (rates) in a year where the rest of the world were in deep recessions. Vietnam is likely the top-performing Asian economy in 2020 — a feat that was achieved without a single quarter of economic contraction at a time when many economies globally were weighed down by the coronavirus pandemic, CNBC reported. “Not every Asian economy has reported fourth-quarter and full-year economic numbers,” said the US-based news, referring official sources such as the International Monetary Fund that showed Vietnam outperforms all of its regional peers last year. The Vietnamese economy grew 2.9% last year from a year ago, according to government estimates released in late December. That’s better than China’s forecast-beating 2.3% growth during the same period. “With this performance, Vietnam has delivered one of the highest growth (rates) in a year where the rest of the world were in deep recessions,” CNBC quoted economists from Bank of America Global Research as saying. Meanwhile, many economists appeared to be optimistic that the country’s economic growth will accelerate this year, it noted. CNBC’s article pointed to three factors that contributed to Vietnam’s strong economic performance, including the effective Covid-19 containment, resilient exports, and recovery in services sector. Despite neighboring China — where Covid-19 was first detected — Vietnam has reported just over 1,500 infections and 35 deaths as of Tuesday, according to data compiled by Johns Hopkins University. The country’s handling of the virus outbreak was internationally hailed as a model for other developing nations to follow, and helped its economy to continue growing throughout 2020. For exports , CNBC cited a report from Fitch Solutions as saying “considering that Vietnam has been a major beneficiary of the supply chain relocation/diversification trend out …

/ September 19, 2020

Record high foreign reserves demonstrates Vietnam economic resilience: WB

The Hanoitimes - The World Bank expected the government to stimulate the recovery in the short term and preserve fiscal and debt sustainability in the longer term. As of end-August, the level of international reserves held by the State Bank of Vietnam (SBV) was equal to US$92 billion, up from US$80 billion at the end of December. While this increase is not as rapid as reported for the same period in 2019, it demonstrates the resilience of Vietnam’s economy, which reached a record-high merchandise trade surplus and attracted substantial FDI despite the pandemic, according to the World Bank (WB). Source: WB. This performance helped mitigate the impact of lower remittances and foreign exchange earnings from foreign visitors, added the WB in its monthly macro-economic report on Vietnam. Additionally, the resilience of Vietnam’s balance of payments was corroborated by the stability of the value of the local currency compared to the US dollar. In August, the domestic economy expanded but at a slower rate than in July and significantly below the rates recorded a year ago. Source: WB. Industrial production grew by 2.1% year-on-year in August, compared to 4% year-on-year in July. Meanwhile, growth of retail sales of goods and services slowed to 2.3% year-on-year in August compared to 5.2% year-on-year in July. Source: WB. Both manufacturing and retail sales registered significantly slower growth than a year ago when both expanded around 10%. Despite the economy’s resilience, uncertainties—exacerbated by the Danang coronavirus outbreak—are negatively affecting domestic demand and business sentiments, asserted the report. Significant variations are emerging by sectors and markets Vietnam was able to maintain its merchandise trade surplus with a monthly surplus of US$3.5 billion in August, yielding a surplus of US$11.9 billion in the first eight months of 2020. The value of total exports was flat …

/ January 28, 2021

VND set to continue trading stable in 2021

The Hanoitimes - Strong currency inflows from trade surpluses and FDI will support the VND, while an adequate foreign reserve position will also allow the central bank to ease off its foreign currency purchases over the near term. Fitch Solutions, a subsidiary of Fitch Group, forecast the Vietnamese dong (VND) to average VND23,100/USD, from VND23,400/USD previously, reflecting a stable outlook over the course of the year. Vietnam – Exchange Rate, VND/USD. “Strong currency inflows from trade surpluses and foreign direct investment will support the dong while an adequate foreign reserve position will also allow the central bank to ease off its foreign currency purchases over the near term as it continues to ensure currency stability,” stated Fitch Solutions in a note. The dong previously remained flat against the US dollar and averaged VND23,215/USD in 2020. In 2021, Vietnam’s trade activity is expected to remain strong, supported by a turnaround in the global trade cycle and a global demand recovery. Given that Vietnam’s exports typically have a high degree of import content, this means that both values tend to move fairly closely in general, although a higher volume of trade will still increase net inflows, added Fitch Solutions. Vietnam’s export turnover in 2020 was estimated at US$281.5 billion, up 6.5% year-on-year, while imports came in at US$262.4 billion, up 3.6%. Amid a challenging and uncertain economic environment in 2020, Vietnam’s registered FDI capital came in at $14.6 billion, down 12.5% versus 2019. According to Fitch Solutions, the country’s effective measures against the Covid-19 pandemic would provide a boost to investor sentiment and confidence in operating in the country and support FDI inflows. The State Bank of Vietnam (SBV) estimated reserves to reach about US$100 billion by end-2020, as such, this will reduce the pressure on the SBV to continue its aggressive building of its …