Vietnam Ranks Second in WB's Economic Growth Forecast for Asia

Vietnam Ranks Second in WB’s Economic Growth Forecast for Asia

Vietnam’s economy will expand by 7.5 per cent in 2005 [slightly lower than the growth rate of 7.7 per cent last year], ranking 2^nd in Asia, according to a report released by the World Bank (WB) on April 27.

The WB’s forecast is lower than the Vietnamese Government's target of 8.5 per cent growth for 2005 and lower than forecasts of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the United Nations Development Program (UNDP) on April 25 of 8 per cent.

According to the WB’s forecast, China will still be the country that has highest economic growth in the region with a predicted growth rate of 8.3 per cent, compared with 9.5 per cent in 2004.

Meanwhile, economies in East Asia are predicted to have an average growth in gross domestic production (GDP) of 6 per cent.

In the first quarter of 2005, Vietnam’s economy expanded by 7.2 per cent in comparison to the same period last year, with gross domestic product (GDP) totaling VND164.243 trillion (USUS$10.5 billion).

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