Vietnam’s economy is predicted to lead Asia with annual growth of 7.2 percent in 2022, according to the economic forecast published by the World Bank (WB) on Tuesday.
In the report, which covers East Asia, Southeast Asia, and the Pacific islands, but excludes Japan and the Korean Peninsula, the bank raised its GDP growth forecast for Vietnam this year by 1.9 percentage points from 5.3 percent in April.
The economy rebounded strongly from COVID-19 lockdowns in the third quarter of 2021, expanding by 6.4 percentage points in the first half of 2022, the report said.
The lender attributed the rebound to a recovery of exports and the release of pent-up demand following the removal of COVID-19-related restrictions, along with the recent return of foreign tourists.
The overall growth rate for East Asia and the Pacific, meanwhile, was anticipated to decelerate from five percent in 2021 to 3.2 percent.
The WB also sharply downgraded China’s growth to 2.8 percent from five percent in April.
The outlook for Indonesia was unchanged at 5.1 percent.
Projections for Malaysia, the Philippines, Cambodia, and Thailand were lifted to 6.4 percent, 6.5 percent, 4.8 percent, and 3.1 percent, while the growth forecasts for Laos and Mongolia were lowered to 2.5 percent and 2.4 percent, respectively.
Growth in the Pacific islands was also forecast to expand to 5.3 percent this year, up by 2.4 percentage points from the April prediction of 2.9 percent.
Source: Tuoi Tre News