World Bank economic update on East Asia-Pacific and Vietnam
(VOVWORLD) - The World Bank has revised down its growth forecast for East Asia- Pacific to 5.8% this year from 6.3% in 2018. This was attributed to weakening global demand and instabilities due to US-China trade row and Brexit.
Addressing a press conference on the updates on Thursday, World Bank Vietnam Chief Economist Jacques Morisset believed that Vietnam remains a bright spot in the region with a projected 6.6% growth rate for this year and 6.5% for next year. He said: "Vietnam has two engines for growth. First comes its domestic consumption in the context of development and modernization as well as open door and strong international integration. Second, Vietnam has better competitiveness globally and its exports have grown well."