Business News 25/04/2024, 07:04

IMF maintains its projection for Vietnam's real GDP growth in 2024 at 5.8%

The International Monetary Fund (IMF) has released its April 2024 World Economic Outlook (WEO) report.

IMF maintains its projection for Vietnam's real GDP growth in 2024 at 5.8%

In it, the IMF maintains its projection for Vietnam's real GDP growth in 2024 at 5.8%, while revising down the forecast for 2025 from 6.9% in the October 2023 report to 6.5%. Additionally, the IMF has lowered a series of long-term forecasts for Vietnam from 2025 to 2029.

According to this report, the IMF also forecasts that consumer prices are expected to rise by 3.7% in 2024, higher than the previous year's 3.3%, before declining to 3.4% in 2025. The current account surplus in 2024 is projected to decrease significantly, to 2.3% of GDP in 2024, compared to 5.1% in 2023. This balance will continue to decrease to 2% of GDP in 2025.

IMF predicts that Vietnam's unemployment rate in 2024 will slightly increase to 2.1%, up 0.1 percentage point from 2023. By 2025, the unemployment rate is expected to adjust downward to 2%.

In the report, the IMF notes that Vietnam has been removed from the group of low-income developing countries (LIDC) and placed into the group of emerging and middle-income economies (EMMIE).

CafeF / Translator: Hoàng Giang
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