WB forecasts VN’s growth rate of 5.5% in 2014

April 08, 2014 | 09:41

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The World Bank (WB) forecasts that Viet Nam’s economy will achieve a growth rate of 5.5% in 2014 and 5.6% in 2015, 0.1 percentage point and 0.2 percentage point higher than the forecast it made in last October.

Photo: VGP

The figures were released on April 7 as part of the East Asia and Pacific Economic Update, a WB’s comprehensive review of the region’s economies.

The WB revealed that Viet Nam’s growth rate is lower than expected due to careful macro-economic policies.

The nation’s inflation rate is forecasted to stand around 7% in this year. Viet Nam’s export is evaluated as one of remarkable points in the region, especially the exports of telecommunication equipment, which account for 6% of the region’s market.

According to the WB, Viet Nam needs to deal with bad debts, which may last longer than expected.

Developing countries in the East Asia Pacific region will see stable economic growth this year, at 7.1%, largely unchanged from 2013.

While growth is down from the average rate of 8% from 2009 to 2013, East Asia remains the fastest growing region in the world.

VGP

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