World Bank Forecasts Vietnam's Economic Growth at 4.7 pct in 2023
People visit the Ho Chi Minh Mausoleum in Hanoi, Vietnam, June 27, 2023. Photo by Pham Dinh Duc/Xinhua
- By Xinhua News Agency
- October 4, 2023 8:00 PM
HANOI — Vietnam's economy is expected to grow 4.7 percent in 2023 due to weaker external and domestic demand, recovering to a projected 5.5 percent in 2024 and 6.0 percent in 2025, Vietnam News reported Wednesday, citing Vietnam's Macro and Poverty Outlook recently released by the World Bank.
Domestic demand is expected to be the main driver of growth this year, albeit expanding at a slower rate than last year, the bank said.
Inflation is forecast to average 3.5 percent this year due to expected civil service salary increases, moderating to 3.0 percent in 2024 and 2025 assuming stable commodity and energy prices.
The current account is expected to improve further thanks to a modest recovery of exports, continued recovery of international tourism, and resilient remittances.
The Asian Development Bank revised down its forecast of Vietnam's gross domestic product (GDP) growth in 2023 to 5.8 percent from the previous estimate of 6.5 percent in April.
In its latest forecast, the United Overseas Bank maintained Vietnam's economic growth projection at 5.2 percent for 2023 and 6 percent for 2024.
