13 July 2017

WB: Vietnamese economy sees positive changes in first half

At the event (Source: VNA)


Hanoi (VNA) – The World Bank (WB) in Vietnam has stated that the Vietnamese
economy marked positive changes in the first half, with growth estimated at 5.7
percent and inflation kept below 2 percent.

Speaking
at an event in Hanoi on July 13 to announce the WB’s update on Vietnam’s recent
economic development, chief economist Sebastian Eckardt, Acting Country
Director of the WB in Vietnam said the economy is still resilient thanks to
stronger domestic demand and improving manufacturing and engineering.

According
to the report, Vietnam’s medium-term economic outlook will be optimistic with
an estimated growth of 6.3 percent this year. Inflation will be stable on the
back of low prices of food and energy.

From
2018-2019, the growth is expected to hit 6.4 percent.

The
report urges Vietnam to continue taking cautious approach to steering the macro-economy
by reducing overspending to curb increasing risks regarding budget sustainability
and create fiscal space against potential shocks in the future.

Vietnam
needs to continue improving risk evaluation and monitoring capital safety to
minimise arising risks amid credit extension, it said, adding that the
country’s challenge is still how to sustainably maintain high growth and
poverty reduction, it says.

Barriers
to the restructuring of State-owned enterprises and business climate improvement
will continue to be removed.

The
report also features a special topic entitled “Towards strengthening
high-quality financing” with a number of recommendations.-VNA



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