Illustrative photo. (Source: VNA)Hanoi (VNA) – Vietnam is likely to be the second best performer ofeconomic recovery in Asia-Pacific, said a report recently released by S&PGlobal Ratings which revised up GDP growths of regional countries this year inthe light of reviving trade and consumption.
The US-basedcredit rating agency forecast Vietnam’s GDP to pick up 1.9 percent in 2020 and11.2 percent next year. China was predicted to see the highest growth, which was raised to 2.1 percent compared to 1.2percent previously. Its 2021 forecast, meanwhile, was cut to 6.9 percent from7.4 percent.
The S&PGlobal Ratings expected the Philippine economy to nosedive 9.5 percent thisyear, the largest fall inthe region, before bouncing back with a 9.6 percent growth the following year.India was predicted to be the second worst performer with a 9-percentcontraction in 2020.
In sum, theregional economy was expected to shrink by 2 percent this year while nextyear’s rebound would be 6.9 percent.
According tothe rating agency, employment is a decisive factor to regional recovery pace.In most cases, the employment rate will return to the pre-pandemic level in2022 at the earliest, it said. It also noted that Asia-Pacific’s economicgrowth would be stimulated by trade and production, but a full recovery would alsorequire improvement in the service sector./.
VNA
