[NEWS] – ADB raises Vietnam’s economic growth forecast to 7.5% in 2022

According to ADB experts, although Vietnam’s economy is operating well in the context of the global economy’s uncertainties, risks to the economic outlook are increasing.

In the Asian Development Outlook (ADO) 2022 released by the Asian Development Bank (ADB) on December 14, ADB raised its forecast for Vietnam’s economic growth to 7.5% this year (at the end of September this bank gave a forecast of 6.5%). In addition, this bank also forecasts inflation in 2022 to be adjusted to 3.5%.

Vietnam’s economy is currently performing well in the context of global economic uncertainty, but risks to the economic outlook are increasing. According to ADB experts, although trade continues to grow, there are signs that global demand for Vietnam’s exports is declining. Therefore, this bank forecasts that Vietnam’s economic growth in 2023 will be revised down to 6.3% due to the weakening of major trading partners.

The tightening of monetary policy by central banks globally and in the region, the protracted Russia-Ukraine conflict, and renewed blockades in China are slowing Asia’s recovery. developing after the COVID-19 pandemic. Restrictions under the “no COVID” approach, coupled with a troubled real estate market, have once again lowered China’s growth prospects.

In addition, ADB has also lowered its inflation forecast for developing Asia and the Pacific from 4.5% to 4.4% this year. However, the bank raised its forecast for next year from 4.0% to 4.2%, due to persistent inflationary pressures from energy and food prices.

Even with these downgraded forecasts, developing Asia will still outperform other parts of the globe, both in terms of growth and inflation. ADB’s growth forecast for Southeast Asia this year has been raised from 5.1% to 5.5%, amid a strong recovery in consumption and tourism in Malaysia, the Philippines, Thailand, and Vietnam. . However, the forecast for next year decreased from 5% to 4.7% due to weak global demand.