Vietnam’s 2020 growth predicted to be highest in Southeast Asia
(VOVWORLD) - The Asian Development Bank (ADB) has forecast that Vietnam’s economic growth this year would be 4.1 percent, lower than its April estimate but still the highest expected in Southeast Asia.
The forecast in part of a regular update to its annual flagship economic publication, the Asian Development Outlook (ADO) 2020, which was released in April.
Economic activity in Southeast Asia is expected to contract by 2.7 percent in 2020 before growing by 5.2 percent in 2021.Contractions are forecast in key economies as containment measures to address the COVID-19 pandemic have affected domestic consumption and investment, including Indonesia, the Philippines, and Thailand.
ADB Chief Economist Yasuyuki Sawada said economies in Asia and the Pacific will continue to feel the blow from COVID-19 this year, even as lockdowns are slowly eased and select economic activities restart in a ‘new normal’ scenario.