ADB raises GDP growth forecast for Vietnam by 0.1 percent
(VOVWORLD) -The Asian Development Bank (ADB) has revised its GDP growth forecast for Vietnam from 6.8 per cent to 6.9 per cent for this year, and from 6.7 per cent to 6.8 per cent for next year.
In a supplementary edition of the Asian Development Outlook 2019 Update published on Wednesday, the ADB stated that the region's GDP growth forecast was lowered to 5.2 per cent in both 2019 and 2020. The downgrade in the Asian growth forecast by the ADB’s comes amid the growth rates of China and India experiencing a decline as a result of both internal and external factors.
According to the report, Vietnam’s GDP growth during the first three quarters of 2019 reached 7.0 per cent, the highest level in comparison to the same period over the past nine years. Private consumption grew by 7.3 per cent, while investment rose by 7.7 per cent thanks to an improved business climate and increased confidence among investors which has led to more foreign direct investment.