Vietnam's economic growth projected to expand by 6.5% in 2024: IMF

22 Apr '24

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Vietnam's economic growth is likely to expand by about 6.5 per cent this year due to significant FDI and efforts to improve the business environment and infrastructure, the IMF has said.
The country will see several opportunities arising out of digitalisation and green transformation, it noted.
The APAC region is projected to grow by 4.5 per cent this year.

Vietnam’s economic growth is likely to expand by about 6.5 per cent this year due to significant foreign direct investment (FDI) and efforts to improve the business environment and infrastructure, the International Monetary Fund’s (IMF) Asia and Pacific (APAC) department director Krishna Srinivasan recently said.

Vietnam will see several opportunities arising out of digitalisation and green transformation, Srinivasan told a press conference on the release of the Regional Economic Outlook for Asia and Pacific in Washington, DC.

The IMF projects the APAC region to grow by 4.5 per cent this year, an upward revision of 0.3 percentage points relative to October. With this, Asia will contribute about 60 per cent of global growth.

Srinivasan said that promoting growth varies from country to country. In China and India, the IMF expects investment to contribute disproportionately to growth. Meanwhile, in emerging Asia outside China and India, robust private consumption will remain the main growth engine.

He suggested governments should focus on consolidation to curb the rise in public debt and rebuild fiscal buffers.

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