IMF projects Vietnam's GDP to grow by 6.6% in 2018

The IMF released a report namely "World Economic Outlook, April 2018" in which it forecast the GDP growth of emerging Southeast Asian economies like Indonesia, Malaysia, the Philippines, Thailand and Vietnam will remain above 5% in 2018 and 2019.

Last year, despite many difficulties, Vietnam's GDP expanded by 6.81%, higher than the target set by the National Assembly and the highest over the last decade.

In addition, the quality of Vietnam's economic growth has also improved with the overall labour productivity gaining about 6% in 2017.

Vietnam also saw progress in pursuing a new growth model based on productivity and innovation. The country has gradually reduced its reliance on natural resources, particularly crude oil and shifted their focus to industry, manufacturing, processing and services.

The Government of Vietnam aims for an economic growth of 6.7% and an average inflation rate of 4% this year.

The IMF also predicted the Asian economy will grow at a rate of around 6.5% from 2018-2019 and remain as the engine of the global economy.

According to the fund, Chinese and Indian economies will increase by 6.6% and 7.4%, respectively, in 2018 while those figures of 2019 will be 6.4% and 7.8%, respectively.

Most economic forecasts since early April said Vietnam's GDP growth will be 6.5% or higher this year.

On an annual credit analysis released on April 3, Moody's Investors Service said that Vietnam's real GDP growth will remain robust, averaging 6.7% in 2018.

Meanwhile, the World Bank (WB) on April 12 forecast Vietnam's economic growth to stabilise at around 6.5% in 2018 while inflation is predicted to remain moderate.

(Source: NDO)