Vietnam’s economic growth target for this year is 6.5%. However, the economy expanded a mere 3.72% in the first half of the year, short of the expected 6.2%. In the face of the global economic slowdown, Vietnam must rely on internal strengths as the main driver for growth in the second half of the year. While the 6.5% target may not be feasible, a growth rate of around 6% is achievable with appropriate policies and when the public and corporate sectors have confidence. Global economic outlook shows positive signs The World Bank’s Global Economic Prospect report in June 2023 projects global economic growth of 2.1% this year, which is 0.4% higher than the previous forecast in January 2023. The report also indicates higher growth rates for advanced economies and emerging markets compared to the previous report. The United States and China, the world’s two largest economies, also have more positive growth forecasts. The United States’ growth rate was revised upward by 0.6% to 1.1%, while China’s growth rate was revised upward by 1.3% to 5.6%. Similarly, the Organization for Economic Cooperation and Development (OECD) has an optimistic outlook, projecting global economic growth at 2.7% this year. The growth rates for […]
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