Economy expected to top ASEAN until next year

22/07/2021 12:13 16

Economy expected to top ASEAN until next year


NDO - The ongoing COVID-19 pandemic, which is becoming increasingly complex, is expected to continue creating a grey economic picture in the region. However, Vietnam is still believed to be a leader in regional economic growth, despite some risks remaining.

The Asian Development Bank (ADB) has just lowered Vietnam's economic growth projection for this year from 6.7% in April 2021 to 5.8% its freshly-released Asian Development Outlook (ADO) 2021 Supplement: Renewed Outbreaks and Divergent Recoveries.

However, Dhiraj Nim and Khoon Goh, economists at ANZ, commented "We remain constructive on Vietnam as far as its regional standing goes. Amid a broader resurgence of the pandemic in Asia, Vietnam's growth prospects still look better in a relative sense. After averting contraction in 2020, its expected pace of recovery in 2021 implies that it will be among one of the first economies to narrow, or even close, its negative output gap in the region. In addition, the medium-term prospects are solid, amid expectations of rising exports and foreign direct investment."

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