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The Asian Development Bank (ADB) recently projected growth for Vietnam’s economy at 6.5 per cent this year and 6.7 per cent in 2023. Growth will be driven by continued trade expansion, the faster-than-expected manufacturing sector recovery, domestic travel and the disbursement of public investment, ADB said in its July supplement to the Asian Development Outlook.
Surging global commodity prices, especially global oil prices, would increase inflationary pressure. However, the abundance of domestic food supply in the country would help ease inflation this year.
The Asian Development Bank (ADB) has projected growth for Vietnam’s economy at 6.5 per cent this year and 6.7 per cent in 2023. Growth will be driven by continued trade expansion, the faster-than-expected manufacturing sector recovery, domestic travel and the disbursement of public investment, ADB said in its July supplement to the Asian Development Outlook.
Hence, the inflation forecast remains unchanged at 3.8 per cent for this year and 4 per cent for 2023 compared with ADB’s projection in April.
ADB has lowered its economic growth forecast for developing Asia to 4.6 per cent this year due to slower expansion in China, more aggressive monetary tightening in advanced economies and the impact of the continued Russia-Ukraine war.
The organisation has projected a 5.2 per cent economic growth in the region in April and has now raised its forecast for inflation in the region.
Fibre2Fashion News Desk (DS)
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