Domestic demand is expected to be the main driver of growth this year for Vietnam's economy, the world bank said. - Photo: Vietnam News/ANN
HANOI (Bernama-Xinhua): Vietnam's economy is expected to grow 4.7 per cent in 2023 due to weaker external and domestic demand, recovering to a projected 5.5 per cent in 2024 and 6.0 per cent in 2025, Vietnam News reported, 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 per cent this year due to expected civil service salary increases, moderating to 3.0 per cent 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 per cent from the previous estimate of 6.5 per cent in April.
In its latest forecast, the United Overseas Bank maintained Vietnam's economic growth projection at 5.2 per cent for 2023 and 6 per cent for 2024. - Bernama-Xinhua
