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