Vietnam’s GDP to grow by 7% in 2020, IMF forecasts

Theo VOV

18:44 | 11/05/2020 Headlines Follow english.haiquanonline.com.vn on

Vietnam’s economic growth is projected to slow down to 2.7% this year due to the novel coronavirus pandemic this year, but may pick up to 7% next year, the International Monetary Fund (IMF) said on May 11.

vietnams gdp to grow by 7 in 2020 imf forecasts

Vietnam's export-driven economy is heavily affected by the coronavirus pandemic, but is projected to rebound in 2021

In an emailed statement to Reuters, Francois Painchaud, the IMF representative in Vietnam, said the country's strict measures to contain the virus, the global recession and weak domestic demand are expected to slow its economic growth this year from an average of about 7% in 2018 and 2019.

"Some sectors are expected to be severely impacted, especially the tourism, transportation, and accommodation industries," he told Reuters.

The IMF expert said the growth is forecast to recover as containment measures are lifted, reaching 7% in 2021. It will be supported by monetary and fiscal easing, the country's relatively strong macroeconomic fundamentals, and a gradual recovery in external demand.

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