Vietnam's Economy to Expand by 7.2 per cent in 2004: WB Forecast

Vietnam is heading for an economic growth of 7.2 per cent this year, the third highest in East Asia after China (9.2 per cent) and Singapore (8.3 per cent), the World Bank (WB) said at its latest East Asia and the Pacific Regional Update.

East Asia’s economies are growing at their swiftest pace since before the financial crisis with fewer people than ever

living in extreme poverty, according to the Update.
Economic growth is expected to top 7 per cent in East Asia and the Pacific (excluding Japan) next year, while developing economies in the region are expected to expand by more than 8 per cent. 

However, there are growing concerns that the outlook for 2005 may be less favourable and more uncertain. The rise in oil prices, slower growth in wealthier countries, and downturns in the high-tech and commodity cycles, are all unfavourable trends for East Asia.

The report shows that in the case of Vietnam, successful negotiations to accede to the World Trade Organisation (WTO) will be a key component to sustaining growth momentum.

• L.A