ADB recently lowers its growth forecast for Vietnam this year to 5.2% from the previous 5.8% forecast (Photo: VNA) The official said that the ADB maintains its GDP growth rate for nextyear at 6%, with an expectation that there will be a certain recovery in theexternal environment, and domestic growth drivers will regain momentum from 2023.
An important foundation to maintain growthmomentum in the coming time will be macroeconomic stability thanks to Vietnam's continuation of prudent fiscal policies, and proactive and flexible monetary policiesapplied since 2023, he stated, stressing the need to ensure that they areeffectively carried out to create stronger momentum for the economy.
To achieve the 6% growth in2024, the ADB Country Director advised Vietnam to speed up public investment ininfrastructure, as it will help stimulate economic activities, supportindustrial, construction and mining businesses, and provide more employmentopportunities.
Domestic consumption can be boosted byfiscal measures that encourage demand, and also supported by appropriatemonetary policies that keep interest rates at relatively low levels.
To cope with headwinds, Vietnam's policiesneed to be more proactive to support enterprises in expanding their markets,and promoting the exploitation of signed free trade agreements.
In the long term, Vietnam needs to promotepublic investment in green energy transition, upgrade infrastructure to improvethe competitiveness of the economy, and strengthen the foundation to increaseresilience and boost sustainable development, Shantanu Chakraborty said.
Assessing the country’s economic situation this year, he said that its economyis showing a strong recovery despite the global economy’s instability andincreasing geopolitical tensions.
The Vietnamese Government has taken rightsteps to solve problems posed by global challenges. To date, the Government hasachieved a balance between monetary and fiscal policies to ensure highresilience to the global challenges facing the economy.
The bank recently lowered its growthforecast for Vietnam this year to 5.2% from the previous 5.8% forecast.However, according to him, Vietnam's growth rate is quite good compared to manycountries in the region./.
An important foundation to maintain growthmomentum in the coming time will be macroeconomic stability thanks to Vietnam's continuation of prudent fiscal policies, and proactive and flexible monetary policiesapplied since 2023, he stated, stressing the need to ensure that they areeffectively carried out to create stronger momentum for the economy.
To achieve the 6% growth in2024, the ADB Country Director advised Vietnam to speed up public investment ininfrastructure, as it will help stimulate economic activities, supportindustrial, construction and mining businesses, and provide more employmentopportunities.
Domestic consumption can be boosted byfiscal measures that encourage demand, and also supported by appropriatemonetary policies that keep interest rates at relatively low levels.
To cope with headwinds, Vietnam's policiesneed to be more proactive to support enterprises in expanding their markets,and promoting the exploitation of signed free trade agreements.
In the long term, Vietnam needs to promotepublic investment in green energy transition, upgrade infrastructure to improvethe competitiveness of the economy, and strengthen the foundation to increaseresilience and boost sustainable development, Shantanu Chakraborty said.
Assessing the country’s economic situation this year, he said that its economyis showing a strong recovery despite the global economy’s instability andincreasing geopolitical tensions.
The Vietnamese Government has taken rightsteps to solve problems posed by global challenges. To date, the Government hasachieved a balance between monetary and fiscal policies to ensure highresilience to the global challenges facing the economy.
The bank recently lowered its growthforecast for Vietnam this year to 5.2% from the previous 5.8% forecast.However, according to him, Vietnam's growth rate is quite good compared to manycountries in the region./.
VNA
