IMF maintains forecast for Vietnam's GDP growth at 4.7 pct this year-Xinhua

IMF maintains forecast for Vietnam's GDP growth at 4.7 pct this year

Source: Xinhua

Editor: huaxia

2023-10-19 12:02:15

HANOI, Oct. 19 (Xinhua) -- Experts from the International Monetary Fund (IMF) maintained their forecast for Vietnam's GDP growth at 4.7 percent in 2023, Vietnam News Agency reported Wednesday.

For the medium term, IMF predicted a 5.8 percent and a 6.9 percent GDP growth in 2024 and 2025, respectively, according to the organization's Regional Economic Outlook Update.

Shanaka Peiris, division chief of Regional Studies at the IMF's Asia and Pacific Department, said there are many signs of Vietnam's recovery in the fourth quarter of 2023, but it is difficult for the Southeast Asian country to achieve its growth target for this year.

Vietnam is facing difficulties in the export, real estate and financial sectors, but its economy is recovering, he added.

In its latest forecast, the World Bank also predicted a 4.7 percent growth for Vietnam's economy this year.

The country's economy is projected to grow at a rate of 5.5 percent in 2024 and 6.0 percent in 2025, according to the bank.

The Asian Development Bank (ADB) has revised down its forecast for Vietnam's GDP growth in 2023 to 5.8 percent from the previous estimate of 6.5 percent in April.

Meanwhile, the United Overseas Bank maintained Vietnam's economic growth projection at 5.2 percent for 2023 and 6 percent for 2024.