Vietnam"s economy to grow by 6.6% this year: OECD
Illustrative photo (Photo: VNA)
Vietnam's economy will grow by 6.6% this year and at a similar rate in 2024, according to a report released on March 31 by the Organisation for Economic Co-operation and Development (OECD).
The report “The Economic Outlook for Southeast Asia, China and India 2023: Reviving tourism post-pandemic” states that Vietnam’s economic growth is driven by foreign investment in the manufacturing sector, especially electronics, machine manufacturing, textiles and footwear, and benefits from China's loosening of COVID-19 prevention and control measures.
At this rate, the OECD believes that Vietnam continues to lead the top five largest economies in Southeast Asia. The Philippines is forecast to reach growth of 5.7% in 2023 and 6.1% in 2024, Indonesia at 4.7% and 5.1%, Malaysia at 4.0% and 4.2%, and Thailand at 3.8% and 3.9% in the same period.
The report says that the end of support programmes after the COVID-19 pandemic will create favourable conditions for Vietnam to improve its public financial situation. However, weaker demand is likely to reduce investment in the Vietnamese economy. The report also recommends the country continue to closely monitor inflation trends.
As tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it, the report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia.
The interruption of tourism allowed countries in the region to consider reforms in the sector, including persifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation./.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
How more than 6 tons of smuggled gold transported to Vietnam?
07:49 | 05/04/2024 Anti-Smuggling
Latest News
Government’s action programme cracks down on illegal fishing
13:53 | 23/04/2024 Headlines
PM calls on ASEAN to pen strategic development vision
13:50 | 23/04/2024 Headlines
Forum to discuss new initiatives on ASEAN future vision: Deputy FM
15:13 | 22/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
More News
Green transformation and ESG practice to participate in the global competition
18:11 | 21/04/2024 Headlines
Factors influencing Vietnam’s FMCG market
18:06 | 21/04/2024 Headlines
Shrimp exports to major markets bounce back
17:57 | 21/04/2024 Headlines
Quang Ninh aims to become international tourism hub
17:56 | 21/04/2024 Headlines
Measures sought to boost Vietnam - Russia digital economic cooperation
17:43 | 20/04/2024 Headlines
Vietnam becomes biggest rice supplier for Singapore
17:39 | 20/04/2024 Headlines
New fulcrums for economic growth
13:28 | 20/04/2024 Headlines
Opportunity for a high open economy like Vietnam
15:56 | 19/04/2024 Headlines
Cooperation with Vietnam among EU’s priorities in Indo-Pacific: official
15:55 | 19/04/2024 Headlines
Your care
Government’s action programme cracks down on illegal fishing
13:53 | 23/04/2024 Headlines
PM calls on ASEAN to pen strategic development vision
13:50 | 23/04/2024 Headlines
Forum to discuss new initiatives on ASEAN future vision: Deputy FM
15:13 | 22/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Green transformation and ESG practice to participate in the global competition
18:11 | 21/04/2024 Headlines