World Bank expects Vietnam GDP to grow at 7.5%

Created 09 August 2022
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

The World Bank has forecast Vietnam’s economy will grow at 7.5% this year thanks its economic recovery in the first half.
World Bank expects Vietnam GDP to grow at 7.5%

The economy grew by 7.7% in the second quarter as consumers satisfied pent-up demand and foreign tourist arrivals picked up, the bank said in a report released Monday.

It expected inflation to average 3.8% for the year.

But it warned several risks remain, including growth slowdowns and stagflation in Vietnam’s main export markets, further commodity price shocks and continued disruption of global supply chains.

Domestic challenges include continued labor shortages, the risk of higher inflation and heightened financial sector risks, it said.

Carolyn Turk, World Bank country director for Vietnam, said, "To sustain economic growth at the desired rate, Vietnam needs to increase productivity by 2-3% every year.

"International experiences have shown that higher worker productivity can be achieved by investing in the education system, as an important part of a basket of investments and reforms. A competitive workforce will generate much-needed efficiency for Vietnam in the long term."

The bank said the country needs to transform its higher education system to boost productivity.

To match average higher education enrollment levels in upper-middle economies, 3.8 million Vietnamese students need to be enrolled in higher education institutions, almost twice as many as in 2019.

The International Monetary Fund earlier pegged Vietnam's growth at 6% while lender HSBC put it at 6.9%.


Source: VNE

Maybe You Also Interesting :

» Vietnamese esports teams to vie for League of Legends world title

Saigon Buffalo (SGB) and GAM Esports will represent Vietnam at the 2022 League of Legends (LoL) World Championship in North America.

» Dortmund Legends beat Việt Nam All Stars in charity match

With outstanding physical and technical skills, the Dortmund legends opened the scoring in the sixth minute through Mladen Petric.

» Vietnam improve position in FIFA ranking

Victories over Singapore and India in a friendly tournament this month helped Vietnam climb one place in FIFA's world football ranking update.