HANOI: The Asian Development Bank (ADB)'s growth forecast for Vietnam this year has been lowered to 5.2 per cent from an earlier forecast of 5.8 per cent, according to the bank's Asian Development Outlook December 2023 released on Wednesday (Dec 13).
The country's growth in 2024 is projected to remain at 6 per cent, the bank said.
According to the bank, the weaker-than-expected recovery of external demand in Vietnam continued to impede industry and services output, dragging the recovery in jobs and domestic consumption.
The prudent and proactive monetary policy, supported by effective price controls of gasoline, electricity, food, health care, and education, should keep inflation in check, the bank said, predicting that the inflation will maintain at 3.8 per cent for 2023 and 4.0 per cent for 2024.
In its latest macroeconomic updates, the Standard Chartered Bank maintained a robust gross domestic product (GDP) growth forecast of 6.7 per cent for Vietnam next year.
The International Monetary Fund predicted a 5.8-per cent and 6.9-per cent GDP growth in 2024 and 2025 respectively for the country.
The Vietnamese National Assembly set a GDP target of 6.0-6.5 per cent growth for 2024. - Xinhua
