World Bank: 2023 is a "resilient" year for Vietnam's economy

World Bank: 2023 is a "resilient" year for Vietnam's economy

The World Bank (WB) forecasts that Vietnam's economy will grow 4.7% this year, 5.5% in 2024 and 6% in 2025.

According to the World Bank, the global recession is a big shock to many highly open economies like Vietnam. However, Vietnam's economy still maintains its growth rate.

Economic growth in the US is about 2.5% in 2023. In the Eurozone, growth is even weaker, at only about 0.5%. Meanwhile, Vietnam can still grow at a relatively fast pace.

The World Bank forecasts that Vietnam's economy will grow 4.7% this year, 5.5% in 2024 and 6% in 2025. Signs of Vietnam's economic recovery are clearer at the end of the year.

Sharing with reporters, WB Chief Economist in Vietnam Andrea Coppola said that if he were to choose one word to describe Vietnam's economy in 2023, he would choose the word "resilient".

Three main factors supporting the recovery of Vietnam's economy include: External demand for Vietnamese exports gradually recovering; Efforts to promote public investment disbursement, with the number increasing significantly compared to last year; Driven by private consumption, growth has been steady at around 7.5% since August.

Mr. Andrea Coppola - Chief Economist of the World Bank in Vietnam commented: "Because global economic growth is expected to continue to slow down in 2024, I think the GDP growth target is from 6%. to 6.5% next year will be very challenging. The outlook for Vietnam's export demand may gradually improve. Domestic consumption and investment will accelerate further. Vietnam needs to continue to extend the extension. Policies to support the economy through fiscal policy, by accelerating the progress of infrastructure investment and public investment projects, to promote economic growth in the short and long term."

According to vtv.vn