ADB lowers Vietnam's economic growth forecast to 3.8% in 2021

HANOI (Xinhua): The Asian Development Bank (ADB) has adjusted down its forecast of Vietnam's gross domestic product (GDP) growth in 2021 to 3.8 per cent from the previous estimate of 5.8 per cent in July.

Vietnam's economic growth picked up in the first half of 2021 largely because of higher trade volumes, but a resurgence of the Covid-19 pandemic that started in late April has tightened the country's labor market, lowered industrial output, and disrupted its agricultural value chains, the bank said in a report released on Wednesday (Sept 22).

According to the report, the short-term outlook remains challenging for Vietnam's economy, with the prolonged Covid-19 wave being the main negative factor, especially if the country's vaccination rate does not increase significantly.

Vietnam's GDP grew 2.91 per cent in 2020, the lowest growth rate recorded over the past decade. A target of around 6 per cent of economic growth in 2021 was previously set by the country's top legislature.

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