Vietnam's economic growth forecast to reach 5.5% in 2024: World Bank

HANOI: Vietnam's economic growth will reach 5.5 per cent in 2024 and gradually rise to 6 per cent by 2025, according to the World Bank's latest forecast, reported Xinhua.

World Bank lead economist for Vietnam Andrea Coppola said the country's exports were recovering, and consumption and private domestic investment growing more gradually.

Real exports are expected to grow by 3.5 per cent in 2024, reflecting a gradual improvement in global demand. In addition, a turnaround in the real estate sector is anticipated later this year and next year, bolstering domestic demand as investors and consumers regain confidence, he said.

Vietnam News Agency cited the bank's senior economist Dorsati Madani as saying that the forecast is based on the assumption that exports of manufactured industrial goods will recover significantly in 2024 thanks to a rebound growth of 8.5 per cent compared to the same period last year in the fourth quarter of 2023 and a 17.2 per cent increase year-on-year in the first quarter of 2024, and an improving global demand.

Earlier this month, the Asian Development Bank maintained its earlier growth projection for Vietnam at 6 per cent and 6.2 per cent in 2024 and 2025 respectively. -Bernama-Xinhua

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