Business News 04/01/2024, 09:23

Vietnam's 2024 Economic Growth Outlook: A Positive Forecast Amid Global Challenges

The International Monetary Fund (IMF) forecasted that Vietnam's GDP will grow by 5.8% in 2024, placing it among the top 20 fastest-growing economies in the world.

Vietnam's 2024 Economic Growth Outlook: A Positive Forecast Amid Global Challenges

The IMF is optimistic about Vietnam's medium-term prospects, forecasting GDP growth rate of 5.8% in 2024 and 6.9% in 2025. This is due to Vietnam's export-oriented economy, which has been severely affected by the drop in external demand this year. However, the foundations that supported Vietnam's economic growth, which were established before the COVID-19 epidemic, are still intact.

In addition, according to the World Bank (WB), Vietnam's GDP growth rate is projected at 5.5% in 2024 and 6.0% in 2025. Short-term demand support policies, removal of barriers to public investment, and addressing infrastructure constraints are cited as measures to achieve these growth targets and promote long-term economic growth.

Also according to WB, a challenging external environment and weak domestic demand have slowed Vietnam's economic growth, but the economy will accelerate in the next few years.

CafeF / Translator: Hoàng Giang
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