Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam hasemerged as an economic bright spot with a growth rate of 2.91 percent in 2020,which is attributable to the country’s efforts in containing COVID-19 andtimely support policies to people and businesses, international organisationssaid.
The International Monetary Fund (IMF)predicted that Vietnam’s economy will strongly recover in 2021, reaching macrostability across spheres, from growth to current account deficit andemployment.
In July, the IMF said transparency is avery important factor in Vietnam’s success, and the multi-media approach hasconsolidated the people’s trust and ensured that the whole society abide bypandemic control measures.
In its World Economic League Table 2021,the Centre for Economics and Business Research (CEBR) said Vietnam’s economy isexpected to move to the 19th position in 2035.
The country’s annual rate of GDP growthis forecast to pick up to an average of 7 percent between 2021 and 2025.
Over the subsequent ten years, theVietnamese economy will expand by 6.6 percent on average each year, the centresaid.
In an article titled “A new study showsemerging economies are catching up,” The Economist of the UK said “the most successful club spans all today’s advancedeconomies as well as 16 emerging markets, such as China, India, Malaysia,Thailand and Vietnam.”
The UK-based BBC News said Vietnam hasminimised the economic damage from COVID-19 and is the only country in SouthEast Asia on track for growth in 2020.
“The country has seen slower growth thisyear and its once-thriving tourism sector has taken a particularly bad hit, butit has avoided the worst economic effects of the pandemic.”
Professor Vladimir Mazyrin, leader ofthe Centre for Vietnamese and ASEAN Studies of the Far East Institute of theRussian Academy of Sciences, has described the results of economic developmentof Vietnam in 2020 as an extraordinary success.
In an interview with Sputnik, theleading Russian expert on Vietnamese economy said positive results were postedamid recession and general crisis.
“For example, within ASEAN, only threecountries - Vietnam, Myanmar and Laos - have positive GDP growth. All othercountries are red.”
Vietnam’s 2020 growth is estimated at2.91 percent.
Prof. Maryzin said this is a greatsuccess, which will definitely help Vietnam rise to a higher position in allworld rankings in the near future.
So Vietnam's success can be called aphenomenon, he added./.
VNA
