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Saturday, July 13, 2024

Growth and bottlenecks

By Tue Nhien

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Recent reports show a positive outlook on Vietnam’s economic growth prospects. However, there remain several bottlenecks that remain unaddressed. Upbeat forecasts In its latest update, the World Bank observed that despite a slowdown, Vietnam’s economic growth will accelerate in the second half this year and the following years, with an accomodative fiscal policy being the key driver. Specifically, Vietnam’s economic growth rate, which was only 3.7% in this year’s first half, will jump in the second half to reach 4.7% for the whole year, 5.5% in 2024 and 6% in 2025, according to the WB. The global lender suggested that a proactive fiscal policy that drives up short-term demands, removes obstacles in public investment and tackles infrastructure bottlenecks will help the economy achieve these growth targets and ensure long-term growth. At the same time, the fiscal policy can play a more crucial role in promoting green practices and green consumption, contributing to sustainable development. Shinhan Bank in its report said that Vietnam’s manufacturing sector would still face uncertainties in the second half, but it is expected to recover from 2024 as Vietnam stands to benefit from global supply chains being restructured, and the inflow of foreign direct investment (FDI) owing […]
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