Investment News

World Bank: Vietnam's economy will grow strongly in the next 2 years





The World Bank forecasts that Vietnam's GDP growth in 2023 will reach 4.7%, then increase to 5.5% in 2024 and about 6% in 2025.

The above forecast was made by the World Bank in the report "For public investment to promote growth", published on the morning of August 10.

Specifically, the World Bank predicts that Vietnam's economic growth rate in 2023 will be 4.7%, then gradually increase to 5.5% in 2024 and 6% in 2025.

 The World Bank forecasts that Vietnam's GDP growth will reach about 6% by 2025. (Illustration)

This bank also stated that although Vietnam's gross domestic product (GDP) growth rate in the first months of the year has slowed down, strong domestic demand is still the driving force for economic growth in 2023.

According to the World Bank, the growth drivers of Vietnam's economy in the coming time will come from proactive fiscal policies supporting short-term needs, eliminating limitations in public investment disbursement and resolving financial bottlenecks. Infrastructure will promote economic growth.

Ms. Carolyn Turk, World Bank country director in Vietnam, said that the Vietnamese economy is facing challenges from internal and external factors. To promote growth, the Government can support aggregate demand through promoting effective public investment, thereby creating jobs and stimulating other economic activities.

"In addition to short-term support measures, the Government should not ignore institutional reforms, including in the energy and banking sectors as these sectors are imperative for long-term growth" , Ms. Carolyn Turk added.

Forecasting the global economy in 2023, the World Bank believes that GDP growth will decrease to 2.1%, lower than 3.1% in 2022 due to weakening demand in leading economies. Global trade growth will also likely decline from 6% in 2022 to 1.7% in 2023.

According to