HANOI– The Asian Development Bank (ADB), lowered its forecast of Vietnam’s gross domestic product (GDP) growth to 5.8 percent in 2021, from the previous estimate of 6.7 percent in Apr, citing impacts of the COVID-19 pandemic.
The country’s economic growth accelerated from 1.8 percent in the first half of 2020, to 5.6 percent in the same period this year, as the global recovery from COVID-19 boosted export, despite the disruption caused by a new wave of COVID-19 that started in late Apr, the bank said, in a report, released today.
However, Vietnam’s composite Purchasing Managers’ Index, an indicator of economic health for manufacturing and service sectors, was down to 44.1 in Jun, 2021, the lowest since May 2020.
Vaccination delays and extended lockdowns in the country’s largest growth areas, may restrict mobility and limit economic activity in 2021, the report said.
Vietnam’s GDP grew 2.91 percent in 2020, the lowest growth reported over the past decade. A growth target of around six percent in 2021 was previously set by its top legislature.
Source: NAM NEWS NETWORK