ADB lifts growth prospect of VN to 6.7%
Thursday, December 14,2017AsemconnectVietnam - The Asian Development Bank (ADB) revised Viet Nam’s growth prospect upward to 6.7 per cent in both 2017 and 2018 compared with earlier forecasts of 6.3 and 6.5 per cent, respectively.
This is part of ADB’s forecast on economic expansion of developing Asia, which showed the GDP of the first three quarters of 2017 in Viet Nam grew by 6.4 per cent, up from 5.9 per cent in the same period of 2016.
“Agriculture recovered and grew by 2.8 per cent in the first nine months as drought eased in the Mekong Delta and the Central Highlands. Industry and construction remained strong despite drag from the mining and oil subsector, which contracted by 8.1 per cent in the first half of the year,” the report said.
ADB said the country’s manufacturing grew robustly, expanding by 12.8 per cent during the period, the highest rate of growth in the sector since 2011. Fourth quarter manufacturing growth, traditionally the sector’s strongest, is likely to exceed growth over the first three quarters. Driven by buoyant tourism and strong banking activity, services growth accelerated to 7.3 per cent from 6.7 per cent in the corresponding period in 2016.
In the report, ADB forecast that economic expansion in developing Asia will accelerate to 6 per cent in 2017 thanks to stronger than expected exports and domestic consumption. Excluding Asia’s newly industrialised economies, growth is now expected at 6.5 per cent this year.
Growth for Southeast Asia is picking up faster than earlier forecast with GDP set to expand by 5.2 per cent in 2017 and 2018, compared with September 2017 forecasts of 5 per cent and 5.1 per cent. The sub-region is benefiting from stronger investments and exports, with accelerating growth for Brunei Darussalam, Malaysia, the Philippines, Singapore and Thailand.
Infrastructure investment continued to play an important role in Indonesia, the Philippines and Thailand. Robust domestic demand—particularly private consumption and investment—will continue to support growth in the sub-region, according to the report.
In a supplement to its Asian Development Outlook Update 2017 report, ADB upgraded its 2017 GDP outlook in the region by 0.1 percentage points in comparison with its September 2017 forecast, while its 2018 forecast remained unchanged at 5.8 per cent. Unexpectedly strong expansion in Central, East and Southeast Asia offset a downward adjustment in South Asia.
“Developing Asia’s growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development,” Yasuyuki Sawada, ADB’s chief economist, said.
“Countries can further take advantage of the global recovery by investing in human capital and physical infrastructure that will help sustain growth over the long-term,” he added.
Combined growth for the major industrial economies has been revised upward to 2.2 per cent for 2017 and 2 per cent for 2018 due to robust domestic demand in the euro area, and in Japan due to private investment and net exports. Growth projections for the United States remain unchanged at 2.2 per cent in 2017 and 2.4 per cent in 2018.
Source: VNS
DAILY: Vietnamese pepper prices remained unchanged on July 24
Reference exchange rate up 19 VND at week’s beginning
DAILY: Vietnamese coffee prices remained unchanged on July 24
Wheat imports increased both in volume and value in first 6 months of 2023
Rubber exports increased by 50.4% in value in June
Vietnamese products becoming closer to Singaporean consumers
Steel producers await positive results in H2
Rice sector needs more support to shift from quantity to quality
Vietnamese banks prove attractive to foreign investors
Rice exporters benefit from rising prices
Exports of cement and clinker fall
Reference exchange rate up 3 on July 21
DAILY: Vietnamese coffee prices decreased by 1200 VND on July 21
Tuna exports fell deeply
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...