A woman rides a bicycle on the street in Hanoi, Vietnam, on Sept 25, 2023. — AFP
HANOI (Xinhua): Vietnam's GDP growth is forecast to accelerate to 6.3% in 2024 and 7.0% in 2025, according to ratings agency Fitch Ratings, Vietnam News Agency reported on Friday (Nov 10).
Domestic fiscal and monetary policies have pivoted to providing growing support to the economy, according to Fitch Ratings.
The agency noted that Vietnam's growth slowed to 4.3% in the first nine months of this year amid weak external demand and lingering headwinds in the domestic property sector.
Vietnam's household spending growth will be strong over 2024 as economic headwinds subside and real GDP growth climbs back up towards trend levels of above 7% a year, according to recently released Fitch Ratings' Vietnam Consumer Outlook.
In its latest macroeconomic updates, the Standard Chartered Bank maintained a robust GDP growth forecast of 6.7% for Vietnam next year.
The International Monetary Fund predicted a 5.8% and 6.9% GDP growth in 2024 and 2025 respectively for Vietnam.
According to the Asian Development Bank, Vietnam's economy is expected to grow 6.0% next year.
This week, the National Assembly set a GDP target of 6.0-6.5% growth for 2024.
