Hanoi (VNA)State budget collection is expected to rise 1.5 percent over 2020, according to a Government report on State budget estimate for 2021, which is being put on discussion before being submitted to the National Assembly.

The report further said State budget collection in the year is estimated at over 1.343 quadrillion VND (about 58 billion USD). The amount mobilised for State budget is about 15.5 percent of the GDP.

It also projects State budget expenditure in 2021 at 1.68 quadrillion VND, 3.4 percent lower than the estimate in 2020.

Meanwhile, public debt in 2021 is predicted to stay at 46.1 percent of the GDP.

The report predicted that the world economic situation in 2021 will continue to be difficult due to impact of the COVID-19 pandemic which is causing a fall in investment, trade, human resources, supply connections and affecting consumer’sconfidence.

The growth recovery will greatly depend on the controlling of the pandemic, according to the report.

Alongside, climate change, extreme weather conditions and other epidemics are also threatening the recovery of many economies.

Meanwhile, the domestic economy will continue to face risks and challenges to complet the duo targets of controlling the pandemic and promoting economic growth.

The report defines that the State budget purpose in 2021 is to mobilise, allocate and effectively use State resources for the macro-economic stability, speeding up economic recovery and ensuring social welfare.

The restructuring of State budget in line with the streamlining of the public apparatuses and the saving of the budget are another objective of the year.

The report projects that economic growth in the year will expand 6 percent compared to 2020, while the rise of consumer price index will be about 4 percent. The crude oil price is predicted to stand at 45 USD per barrel, and export revenue to grow about 5 percent./.