At the opening session of the IMF and World Bank Spring Conference, a report “World Economic Prospects” was announced. Accordingly, the IMF forecasts that Vietnam’s economic growth will still reach 6.5% in 2021 thanks to a strong foundation, as well as drastic measures in both economic and health care by the Government. The organization recommends that macroeconomic policies be maintained this year to ensure a sustainable and comprehensive recovery.
IMF predicts that Vietnam will have a 6.5% GDP growth rate in 2021. Artwork
The IMF also forecasts that the group of five countries in the Association of Southeast Asian Nations (ASEAN) – including Indonesia, Thailand, Vietnam, the Philippines and Malaysia – will grow at 4.9% in 2021 and 6, 1% in 2022.
Regarding Vietnam’s unemployment rate, the IMF is estimated to drop from 3.3% in 2020 to 2.7% in 2021, then further decrease to 2.4% in 2022. These are the signs. positive economic status of Vietnam compared with the general level of the world.
The IMF said it expects world economic growth to reach 6% this year, higher than the 5.5% forecast forecast in January.
“Multi-speed recovery is taking place in all regions, across income groups. It depends on the rate of vaccination, the size of the economic support policy, and the individuals,” the report said. factors in the economy, typically the “dependence on tourism”.
The IMF argues that governments should continue to focus on “getting out of the COVID-19 crisis” by providing fiscal support. In phase 2, decision-makers will need to limit the long-term economic losses from the crisis and increase public investment, the IMF said.
Meanwhile, a number of major international financial institutions have made positive comments on Vietnam’s economy. United Oversea Bank, forecasts that Vietnam’s economic growth in 2021 will be 7.1% high. The HSBC Economic Research Division also forecasts that Vietnam will achieve 6.6% growth in 2021.
On April 6, the American magazine borgenmagazine.com stated that since the implementation of the Doi Moi economic reforms at the 6th National Congress of the Communist Party of Vietnam, Vietnam has had an incredible economic growth, booming economic activity and reducing poverty. However, Vietnam’s transportation infrastructure still lags behind many other developed economies and this is the key for Vietnam to develop more strongly.
The article concludes that Vietnam is at a crossroads in the development process and needs to invest in transportation networks to sustain and expand growth. Despite difficulties in funding the North-South Expressway project, the implementation of the PPP Law is expected to overcome this problem by making the PPP form in infrastructure projects more simpler and more attractive.