The latest forecast is an increase of 0.3 percentage points from the one it made in April. According to the World Bank’s East Asia and Pacific Economic Update October 2018 released Thursday, 2018 growth is expected to be robust in Thailand and Vietnam, before slowing in 2019 and 2020 as stronger domestic demand only partially offsets the moderation in net export growth. The report forecasts that Vietnam’s growth will fall to 6.6 percent in 2019 and 6.5 percent in 2020. It also warned Vietnam and other countries in the East Asia and Pacific of possible negative impacts from the rising trade tensions between the U.S. and China. The U.S. has focused its recent tariff increases on trading partners with whom it has a sizeable bilateral trade deficit, the report noted. There is a risk that if countries such as Indonesia, Thailand, and Vietnam supplant Chinese exports, their rising prominence in the U.S. trade profile might encourage U.S. policymakers to raise tariffs on imports … [Read more...] about World Bank ups Vietnam’s growth forecast to 6.8 pct
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World Bank forecasts 2.7 pct growth for sub-Saharan Africa in 2018
The lender said in its October 2018 issue of Africa's Pulse, the bi-annual analysis of the state of African economies, that its 2018 projection represents a slight increase from 2.3 percent in 2017. "The slower pace of the recovery in sub-Saharan Africa (0.4 percentage points lower than the April forecast) is explained by the sluggish expansion in the region's three largest economies, Nigeria, Angola, and South Africa," said the World Bank. Albert Zeufack, World Bank chief economist for Africa, said the region's economic recovery is in progress but at a slower pace than expected. Zeufact said policymakers must continue to focus on investments that foster human capital, reduce resource misallocation and boost productivity to accelerate and sustain an inclusive growth momentum. "Policymakers in the region must equip themselves to manage new risks arising from changes in the composition of capital flows and debt," he said. According to the report, global trade and industrial activity lost … [Read more...] about World Bank forecasts 2.7 pct growth for sub-Saharan Africa in 2018
PM calls for more non-refundable aid from World Bank
Prime Minister Nguyen Xuan Phuc receives WB Vice President for East Asia and Pacific Victoria Kwakwa (Source: VNA) Hanoi (VNA) - Prime Minister Nguyen Xuan Phuc has proposed the World Bank (WB) to continue its non-refundable aid for Vietnam in institutional reform, legal framework improvement and economic restructuring. Receiving WB Vice President for East Asia and Pacific Victoria Kwakwa in Hanoi on September 11, PM Phuc applauded the WB official’s attendance at the World Economic Forum on ASEAN (WEF ASEAN) 2018, saying that this will make an important contribution to the success of the event. Vietnam always treasures the WB’s support for the country, not only its long-term loans but also policy consultancy to help the Vietnamese Government improve macroeconomic management, he stressed. The PM added that the Government of Vietnam backs the WB’s plan to increase capital to provide long-term financial resources for its members. While expressing his gratitude … [Read more...] about PM calls for more non-refundable aid from World Bank
World Bank lists priorities for FDI attraction
(VEN) - Experts from the International Finance Corporation (IFC), a member of the World Bank Group, have recommended eight priority areas for next-generation foreign direct investment (FDI) attraction in the 2020-2030 period to promote qualitative and quantitative growth of the Vietnamese economy. IFC experts believe economic reforms over the past three decades, including efforts to attract FDI, have been a major driving force of Vietnam’s economic growth and international integration. Except for a short interruption due to the adverse impact of the Asian financial crisis from 2007-2009, FDI flows to Vietnam increased on an annual basis and grew rapidly in the 2014-2017 period, with the registered amount growing from US$21.9 billion in 2014 to US$31.1 billion in 2017. The implemented amount also increased from US$12.5 billion in 2014 to US$17.5 billion in 2017. By the end of June 2018, registered FDI in Vietnam had reached US$331.2 billion, and US$180.7 billion had been … [Read more...] about World Bank lists priorities for FDI attraction
World Bank supports Thai Nguyen
The World Bank has approved an International Development Association Credit worth USD80 million to improve the quality of key urban infrastructure, including transport connectivity, drainage and sewer systems, public spaces and preschools in the northern city of Thai Nguyen. A corner of Thai Nguyen City The funding will also support improvements in the city’s urban planning and management, including climate change and disaster risk considerations. The Dynamic City Integrated Development Project will directly benefit more than 81,000 residents of Thai Nguyen City by reducing travel time through improved transport connectivity; and enhancing urban environmental sanitation through improved drainage and sewer system, particularly in flood-prone areas. The project will also improve child care services through new and rehabilitated kindergartens and quality of life through improved public spaces. The project will help Thai Nguyen city improve local authorities’ … [Read more...] about World Bank supports Thai Nguyen