Vietnams GDP Growth Maintains Top Position in Southeast Asia: World Bank

The latest data report from the World Bank has analyzed the economies in Southeast Asia and highlighted the dismal growth in global merchandise trade in 2023. The report states that this situation is likely to impact economies where trade is a key driver of growth, such as Malaysia and Vietnam, where growth is forecast to be moderate.

The World Bank’s report predicts that Vietnam’s GDP growth in 2023 will reach about 6%, which is a decrease of about 0.3 percentage points compared to the January forecast. On the other hand, Malaysia’s GDP is expected to grow 4.3% in 2023, an increase of 0.3 percentage points from the previous forecast.

The recovery of the global tourism industry, driven by an increase in tourist arrivals from China, is expected to support the growth of economies heavily dependent on tourism, such as Thailand. The report forecasts Thailand’s GDP to increase by 3.9% in 2023.

Vietnam's GDP Growth Remained Highest in SEA: World Bank
The latest data report by the World Bank shows the GDP growth rates of Southeast Asian countries (Screenshot from the report).

Despite the downward revision of Vietnam’s GDP growth forecast for 2023, it still remains the leader in Southeast Asia. According to the World Bank, the Philippines and Vietnam are tied in first place with an expected GDP growth of 6% in 2023. Cambodia ranks third with a GDP growth rate of 5.5%, followed by Indonesia with 4.9% and Malaysia with 4.3%.

The report also projects that the growth rate in East Asia – Pacific will slow to 4.6% in 2024 due to diminishing impact of China’s reopening. Negative risks to the outlook include tighter-than-expected global financial conditions, persistently high inflation, weakness in China’s real estate sector, geopolitical tensions, natural disasters, and climate change-related extreme weather events.

The Chief Economist and Senior Vice President of the World Bank Group, Indermit Gill, warns of increasing debt pressure and slower trade growth in these markets. The Deputy Chief Economist Ayhan Kose highlights that many developing economies are currently struggling with weak growth, high inflation, and high debt levels.

HCMC (Photo: fototrav)
HCMC – Vietnam’s biggest metropolis (Photo: fototrav).

Earlier this year, the World Bank’s report titled “Harnessing the potential of the services sector for growth” highlighted the short-term focus on implementing the capital budget in Vietnam. This includes projects identified in the Economic Recovery Program for digital and physical infrastructure. These projects are expected to boost domestic demand in the near term and contribute to Vietnam’s long-term potential growth. Addressing institutional bottlenecks and expanding targeted social safety nets are also important for ensuring fiscal effectiveness and supporting vulnerable households.

Zoey Nguyễn

The post Vietnam’s GDP Growth Maintains Top Position in Southeast Asia: World Bank appeared first on Vietexplorer.com.

View more from VietExplorer:

Biodegradable bags gaining in popularity
Winter Carnival to be held in Quang Ninh
Spring Flower Festival kicks off
Lai Chau’s culture and tourism promoted in Hanoi
Ant-egg cake – a Cao Bang specialty
Compulsory COVID-19 related insurance a must for inbound, outbound travellers: experts
Village in clouds on top of Ba Na hills
Vietnamese football club’s players strike over 7 months of unpaid wage
Meet the Vietnamese high school senior whose love for nature is inspiring an entire community
Stamps featuring ancient Oc Eo Culture issued
HBSO presents German romantic night
Vietnam’s leading expert on venomous snakes
Hanoi-Style Crab Noodle Soup
Vietnam Sees Significant Increase in Foreign Investment in 2020
Hanoi ceremony marks 60th anniversary of Cuba’s Giron victory
Committee asked to promote role in legislature’s operations
The Red Map brings audience into the world of contemporary performance art
Vietnam’s 10 destinations selected by tourists for upcoming holiday
Portrait by late Vietnamese painter fetches record US$3.1 million at auction
TikTok love story of Australian – Vietnamese couple that gone viral with 40 millions views

Comments

Post a Comment

Popular posts from this blog

G20 Presidency Reflects Interests of Global South, says Jaishankar

Image
Jaishankar made these remarks during the annual flagship event co-hosted by the Ministry of External Affairs and Carnegie India. The theme for this year’s Summit is Geopolitics of Technology. “India would like to use the presidency of G20 in many ways to reflect interests and concerns today of the global south as we feel they’re being sidelined and not just be a voice but would like to take into global south something we’ve tested and prepared at home,” said EAM at Global Tech Summit. He made the remarks during a question-and-answer session at the event. On the issue of climate change, Jaishankar said, “Since 2014 there’s been a different kind of approach to climate change in terms of our policies, advocacies, energy mix… When it comes to climate tech, India has a range of possibilities… There are Indian businesses in climate in COP now.” “We’re actually already seeing the impact of climate events and climate change on politics. An example would be the big debate today...
Read more

German Companies Can Still Invest Heavily in Vietnam

Image
President of the Viet Nam Union of Friendship Associations (VUFO) Phan Anh Son (third from right) and representatives of the German delegation at the meeting. Photo: VUFO At a reception for a delegation of German businesses in Hanoi on September 29, Son pledged that the VUFO would support German firms to operate effectively in Vietnam. The German side commended Vietnam’s dynamism and potential, saying the visit aims to explore the market and accelerate German investment there. Earlier, the delegation had a working session with representatives from the Ministry of Industry and Trade, where Deputy Minister Nguyen Sinh Nhat Tan noted that Vietnam prioritizes the development of renewable, new, clean energy. He emphasized investment opportunities for foreign investors, including those from Germany, in these fields. Earlier, German news website NTV published an article highlighting the attractiveness of the Southeast Asian country to German businesses. According to the art...
Read more

Japanese House of Councillors President Gives Vietnam a Red Osaka Tree

Image
During his official visit to Vietnam on September 5, President of the House of Councillors of Japan, Otsuji Hidehisa, presented the Vietnamese National Assembly with a red Osaka tree. This symbolic gift represents the growing friendship and cooperation between the two countries and Parliaments over the next 50 years. Speaking at the tree planting ceremony, Otsuji explained that the red Osaka tree is a powerful symbol of his homeland, representing resilience and vitality. He expressed his belief that the friendship between Vietnam and Japan will continue to flourish in the future, and the tree will bear witness to this enduring bond. President of the House of Councillors of Japan, Otsuji Hidehisa, presenting the Vietnamese legislature with a red Osaka tree. NA Chairman, Vuong Dinh Hue, expressed gratitude for the warm and friendly gestures of President of the Japanese House of Councillors and his delegation towards Vietnam. He assured that the red Osaka tree would be w...
Read more