ADB Revises up Vietnam GDP Growth to 4.7% This Year
The Asian Development Bank (ADB) has revised up its GDP forecast for Vietnam for this year to 4.7%, up from 4.5% given in March and maintained its projected growth of 6.5% next year in a major report on Sept 22.
Vietnam’s economy is weathering the global economic crisis relatively well and has continued expanding this year, albeit at slower rate after bottoming out in early 2009 thanks to expansionary fiscal and monetary policies, the report noted.
The government should balance stimulating growth through demand-side measures and safeguarding macroeconomic stability because of increasing fiscal deficit and inflationary pressures as well as deficit in balance of payments, it urged.
Meanwhile, the government has forecast that the domestic economy will grow 5%-5.2% and inflation will ease to 7% this year, the state-run Vietnam News Agency said.
ADB recently approved $500 million in loan for the Southeast Asian country to help cushion impacts of the global economic crisis, state media said. (ADB’s report)
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