Vietnam faces challenges in achieving growth target in 2024, says govt annual economic report

HANOI (Xinhua): Vietnam's 2024 economic growth target of 6.5 per cent is challenging, local media reported Friday, citing the Annual Economic Report 2024.

Researchers project a baseline gross domestic product (GDP) growth of 5.85 percent this year and inflation at 4.5 percent, said the report conducted by Vietnam National University.

The report pointed out that if economic polices are adjusted, such as reducing interest rates and exports remain robust and there is increased public investment spending, GDP growth is expected to hit 6.01 percent.

Nguyen Quoc Viet, deputy director of Vietnam Institute for Economics and Policy Research, said the Vietnamese economy was operating at a level below its potential in both scenarios.

He proposed that over the short term, focus should continue to be on fiscal policy to stimulate demand, especially speeding up public investment in the remaining months.

Vietnam recorded a year-on-year GDP growth of 5.66 percent in the first quarter of this year, according to the General Statistics Office.

For the whole year, the Asian Development Bank predicted the country's economy will expand 6 percent. - Xinhua

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