The IMF forecasts that Vietnam’s GDP growth this year will be about 3.8%, higher than that of Malaysia, Thailand, the Philippines, and Indonesia.
In its World Economic Outlook report, the International Monetary Fund (IMF) forecasts economic growth in Asia this year at around 6.5%. Some countries have good GDP growth rates such as Singapore 6% (last year negative 5.4%), China 8% (last year 2.3%).
In the group of 5 Southeast Asian countries, Vietnam leads in terms of growth rate of 3.8% (last year 2.9%).
The remaining 4 countries, Indonesia, Thailand, Philippines, and Malaysia last year all had negative growth, and this year’s growth forecast is also below 3.5%. Even, the IMF forecasts that Thailand will grow only 1% while last year’s GDP growth was negative 6.1%.
According to the IMF, supply chain disruptions and price pressures are restraining the recovery momentum of economies. As a result, the global growth forecast for 2021 was downgraded to 5.9%, slightly down from the previous 6% and unchanged the forecast for 2022 at 4.9%.
The organization recognizes that the labor force participating in the market is still lower than the pre-epidemic level. Overall, the labor market in emerging and developing countries is more affected than in developed countries.