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Vietnam becomes the world’s fifth fastest growing economy: World Bank reports

Aug 3, 2020

Vietnam becomes the world’s fifth fastest growing economy

A World Bank report projects Vietnam’s GDP to grow at 2.8 percent this year, making it the world’s fifth fastest growing economy.

It estimated a second half growth of 3.5 percent that would bring the year’s GDP growth to 2.8 percent, the fifth fastest-growing economies in the world this year “behind a small group of African countries.”

GDP growth would recover quickly thanks to Vietnam’s effective handling of the Covid-19 pandemic, WB said in its report published Thursday.

Of Vietnam’s 509 Covid-19 cases, 369 have recovered, and there has not been a Covid-19 death to date.

WB forecast the consumer price index will reach 3.9 percent this year, almost double last year. Fiscal deficit would worsen and public debt increase from 54.1 percent to 56.1 percent of GDP between 2019 and 2020.

If the pandemic was contained, a slow recovery can be made from the damage suffered, the report said.

It also projected a GDP growth of 6.8 percent and 6.5 percent in 2021 and 2022, respectively.

Vietnam’s GDP growth rate dropped from around 7 percent last year down to 0.36 percent in the second quarter of this year, the lowest level ever recorded in the past 35 years.

Source: Vietnaminsider

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