World Bank cuts Vietnam's 2020 GDP growth outlook to 4.9%

  • Vietnam
  • Tuesday, 31 Mar 2020

Residents wearing protective masks waiting for their turn for the coronavirus testing at a makeshift rapid testing centre in Hanoi, Vietnam, on Tuesday (March 31). Due to the crisis, Vietnam's GDP is expected to grow by only 4.9% this year, about 1.6 percentage points lower than the previous projection. - Reuters

HANOI: Vietnam's GDP is expected to grow by 4.9% this year, about 1.6 percentage points lower than the previous projection, according to a latest World Bank report.

Despite favourable prospects for the Vietnamese economy in the medium term, the country's GDP growth will be affected negatively by the global Covid-19 (coronavirus) pandemic, the World Bank said in a report titled "East Asia and Pacific in the Time of Covid-19," published on Tuesday (March 31).

In the short term, the Covid-19 outbreak could create stronger adverse impacts on Vietnam's economy, especially manufacturing and tourism sectors which are highly dependent on the global economy, the report noted.

Vietnam is estimated to gain a GDP growth of 3.82% in the first quarter of this year, the lowest in the 2011-2020 period, the country's General Statistics Office announced last Friday.

Vietnam recorded a GDP growth of 7.02% in 2019, up from the annualised target of 6.6-6.8%, and has set a target of a GDP growth of around 6.8% this year, according to the office. - Xinhua/Asian News Network
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Vietnam , World Bank , Lower Growth


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