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Vietnam’s economy to grow by 6.5 percent in 2018: WB report

The World Bank (WB) forecasts Vietnam’s economic growth to stabilise around 6.5 percent in 2018 in its East Asia-Pacific Economic Update released on April 12.
Vietnam’s economy to grow by 6.5 percent in 2018: WB report ảnh 1WB forecasts Vietnam's economic growth to stabilise around 6.5 percent this year - Illustrative image (Source: VNA)

Hanoi (VNA) – The World Bank (WB) forecasts Vietnam’s economic growthto stabilise around 6.5 percent in 2018 in its East Asia-Pacific EconomicUpdate released on April 12.

The growth is projected to rise further inthe short run, if the global recovery remains intact, the bank said.

According to the report, while inflation ispredicted to remain moderate thanks to a benign global price environment,strong wage growth may ultimately lift core inflation. External balances areprojected to benefit from robust exports and FDI inflows.

However, the report stressed that there aresignificant challenges, despite the generally favourable medium-term outlook.

“Domestically, a slowdown in structuralreforms could weaken the ongoing recovery and weigh on Vietnam’s medium-termpotential growth. There is also a risk that fiscal consolidation may erodepro-poor fiscal expenditure and investment in human and physical capital.Externally, strong trade and investment links expose Vietnam’s economy to risksassociated with a potential rise in protectionism and a possible weakening ofexternal demand,” WB said.

These risks call for further steps toenhance macroeconomic resilience, including more exchange rate flexibility, afurther buildup of foreign reserves, and responsive monetary andmacroprudential policies that moderate credit expansion and bolster capitalbuffers in the banking sector, it suggested.

On the fiscal front, there continues to bea need for deeper revenue and expenditure reforms, including broadening taxbases, right-sizing of the public administration, and higher value for money inpublic investment, the bank said, adding that steps to solidify macroeconomicstability need to be accompanied by progress on structural reforms to liftproductivity and potential growth, including steps to reform the State-ownedenterprise sector, improve the regulatory environment, and enhance factormarkets, including land and capital.-VNA
VNA
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