√ Imf Vietnam Economy 2020

Imf Vietnam Economy 2020

6/10/2021

Its economy is expected to grow 24 this year according to latest figures from the International Monetary Fund. The World Economic Outlook WEO database contains selected macroeconomic data series from the statistical appendix of the World Economic Outlook report which presents the IMF staffs analysis and projections of economic developments at the global level in major country groups and in many individual countriesThe WEO is released in April and SeptemberOctober each year.

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Its GDP fell to 38 percent in the first quarter of 2020 as compared to 68 percent in the same period in 2019 as per the General Statistics Office of Vietnam GSO.

Imf vietnam economy 2020. Vietnam however remains the only country among major economies in ASEAN 5 Thailand Malaysia Indonesia the Philippines and Vietnam expected to deliver positive growth this year. World Economic Outlook April 2020. The International Monetary Fund has forecast Vietnams GDP to grow at 27 percent this year higher than that of its regional peers.

SP Global predicts the Vietnamese economy will expand 109 in real terms in 2021 more than any other country in the Asia-Pacific following a 291 uptick this year. The IMF credited decisive steps to contain the health and economic fallout from. What it apparently took to finally close the gap and even go higher was the diverging fates of the two economies this year.

Vietnam successfully limited the spread of COVID-19 so far but it will not be immune to its economic impact. The macro-economic and fiscal framework remains resilient with an estimated GDP growth rate of 18 percent in the first half of 2020 projected to reach 28 percent for the year. It would strongly rebound to 7 percent in 2021 the IMF said in its World Economic Outlook report released on Wednesday.

In 2020 Vietnam was one of the few countries in the world that posted economic growth. VNA Friday January 08 2021 1027. But the International Monetary Fund is downgrading its forecasts for next year and warning of a.

The COVID-19 pandemic is inflicting high and rising human costs worldwide and the necessary protection measures are severely impacting economic activity. Vietnam has so far shown strength and stability in weathering the COVID-19 storm and offers a successful example of how a developing country can fight a pandemic. Vietnam was also the only one of the six to log real economic growth in 2020 thanks to its quick success in curbing the coronavirus pandemic.

However the economic impact is expected to be milder than most countries in the region. Vietnam is likely the top-performing Asian economy in 2020 a feat that was achieved without a single quarter of economic contraction. The International Monetary Fund IMF maintains its forecast for Vietnams GDP growth at 27 in 2020 the highest in Asia and the pace is expected to speed up to 7 in 2021.

As per IMF forecasts Philippine economy is seen shrinking 86. The International Monetary Fund has revised upward its forecast for Vietnams 2020 GDP growth by 08 percentage points to 24 percent. The team exchanged views with senior officials of the State Bank of Vietnam SBV the Ministry of Finance MOF the Central Economic Commission CEC the Ministry of Planning and Investment MPI and other government agencies.

A strong comeback in 2021 is needed to help the global economy heal from the coronavirus pandemic. The Great Lockdown April 6 2020 Description. Vietnams growth would be among the highest in the world thanks to its successful containment of the Covid-19 pandemic Era Dabla Norris mission chief to Vietnam and division chief in the IMFs Asia and Pacific department said at the end of her teams virtual mission to Vietnam from October 15 to November 13.

The economy could be subject to a strong rebound of 7 GDP growth rate in 2021. The International Monetary Fund IMF has revised down its forecast for Vietnams GDP growth to 16 in 2020 from a previous estimate of 27 in June. According to Vietnams General Statistics Office the countrys GDP expanded by 291 with its biggest-ever trade surplus of nearly US191 billion for 2020.

Vietnams consumer price index is set at 32 lower than the estimation of 4 this year. An International Monetary Fund IMF team led by Era Dabla-Norris had a virtual mission during October 15 - Nov 13 2020 to conduct discussions for the 2020 Article IV consultation with Vietnam. Vietnam has emerged as an economic bright spot with a growth rate of 291 percent in 2020 which is attributable to the countrys efforts in containing COVID-19 and timely support policies to people and businesses international organisations said.

Nevertheless like other countries hit by COVID-19 Vietnams economy has also suffered significantly over the course of the outbreak. As a result of the pandemic the global economy is projected to contract sharply by 3 percent in 2020 much worse than during the 200809 financial crisis. Weaker domestic and external demand is expected to slow growth significantly from 7 percent in recent years to 27 percent in 2020.

While its economy has suffered a significant blow due to weakened demand and reduced trade the effective containment strategy should allow for a quicker rebound. Government estimates showed the Vietnamese economy growing.

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