Vietnam to be fastest-growing ASEAN economy in 2022: IMF

A view of Ho Chi Minh City, the southern economic hub of Vietnam (Photo: Vietnam Pictorial)

Vietnam is forecast to lead the fastest growing ASEAN economies in 2022, according to a recent report of the International Monetary Fund (IMF).

In its World Economic Outlook released earlier this week, IMF predicted Vietnam’s 2022 economic growth at 7.2 percent, followed by the Philippines (6.5 percent), and Malaysia and Cambodia (both 6 percent).

The regional economies recording high GDP growth this year will be the Philippines (6.9 percent), Malaysia and Vietnam (both 6.5 percent), Singapore (5.2 percent), Laos (4.6 percent), Indonesia (4.3 percent), and Cambodia (4.2 percent).

In 2020, some ASEAN economies experienced strong contraction due to the impacts of the COVID-19 pandemic: the Philippines (9.5 percent), Thailand (6.1 percent), Malaysia (5.6 percent), Singapore (5.4 percent), and Cambodia (3.5 percent).

Only three economies expanded, namely Myanmar (3.2 percent), Vietnam (2.9 percent), and Brunei (1.2 percent).

Cambodia is forecast to become the fastest growing one in the region in 2026, with GDP expansion of 6.8 percent./.