HANOI, Nov. 10 (Xinhua) -- Vietnam's GDP growth is forecast to accelerate to 6.3 percent in 2024 and 7.0 percent in 2025, according to ratings agency Fitch Ratings, Vietnam News Agency reported on Friday.
Domestic fiscal and monetary policies have pivoted to providing growing support to the economy, according to Fitch Ratings.
The agency noted that Vietnam's growth slowed to 4.3 percent in the first nine months of this year amid weak external demand and lingering headwinds in the domestic property sector.
Vietnam's household spending growth will be strong over 2024 as economic headwinds subside and real GDP growth climbs back up towards trend levels of above 7 percent a year, according to recently released Fitch Ratings' Vietnam Consumer Outlook.
In its latest macroeconomic updates, the Standard Chartered Bank maintained a robust GDP growth forecast of 6.7 percent for Vietnam next year.
The International Monetary Fund predicted a 5.8-percent and 6.9-percent GDP growth in 2024 and 2025 respectively for Vietnam.
According to the Asian Development Bank, Vietnam's economy is expected to grow 6.0 percent next year.
This week, the National Assembly set a GDP target of 6.0-6.5 percent growth for 2024. ■
