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IMF maintains forecast for Vietnam’s 2023 GDP growth at 4.7%

Experts from the International Monetary Fund (IMF) maintained their forecast for Vietnam’s GDP growth at 4.7% in 2023 but expressed their optimism about the medium-term prospects, with GDP growth predicted to reach 5.8% in 2024 and 6.9% in 2025.
IMF maintains forecast for Vietnam’s 2023 GDP growth at 4.7% ảnh 1Experts from the International Monetary Fund (IMF) have maintained their forecast for Vietnam’s GDP growth at 4.7% in 2023. (Photo: VNA)

Singapore (VNA) – Experts from the InternationalMonetary Fund (IMF) maintained their forecast for Vietnam’s GDP growth at 4.7%in 2023 but expressed their optimism about the medium-term prospects, with GDP growth predicted to reach 5.8% in 2024 and 6.9% in 2025.

At the launch of the IMF’s Regional Economic Outlook Updateon October 18 in Singapore, the experts said that Vietnam's export-orientedeconomy is heavily impacted by falling external demand in 2023, but there is a solidfoundation that supports Vietnam's economic growth as before the COVID-19 pandemic.

Shanaka Peiris, Division Chief of Regional Studies at the IMF’s Asiaand Pacific Department (APD), said that there are many signs of Vietnam'srecovery in the fourth quarter of 2023, but it is difficult for the country toachieve its growth target for this year.

Vietnam is facing difficulties in the export, real estate andfinancial sectors, but its economy is recovering, he said.

When reform measures are implemented, Vietnam will overcome"short-term headwinds" and will maintain growth momentum in themedium term, based on integration into value supply chains as well as foreigndirect investment capital flow.

According to the IMF, economic growth in the Asia-Pacific region is likelyto hit 4.6% in 2023, up from 3.9% in 2022, despite a challenging globalenvironment.

The region will continue to be a bright spot compared to globalgrowth which is expected to reach 3% this year. However, the region's growth isforecast to decrease to 4.2% in 2024 because growth momentum is slowing down.

IMF Director for Asia-Pacific Krishna Srinivasan said that theglobal economic outlook is driven by continued recovery in consumer momentum inthe US, but faces pressure from the real estate crisis in China, tighteningpolicy stances around the world, the impacts of the Russia-Ukraine conflict andincreasing geo-economic fragmentation.

Although the global environment remains challenging, theAsia-Pacific region remains a bright spot, contributing about two-thirds ofglobal growth, he said./.

VNA
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