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Friday, July 19, 2024

Two economic growth scenarios given for this year

The Saigon Times

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HCMC – The Ministry of Planning and Investment has unveiled two economic growth scenarios for Vietnam this year, during a monthly Government meeting held this morning, April 3.

According to the ministry, the economy is projected to grow by 6% to 6.5% in line with the target previously set by the National Assembly.

The first quarter of the year saw positive growth in various sectors, with GDP expanding by 5.66%, the highest January-March level since 2020. Macroeconomic stability is maintained, with inflation kept under control at 3.77% compared to the previous year.

In the first scenario, GDP would grow by 6%, representing the lower end of the National Assembly’s growth target range. This scenario forecasts growth of around 6.12% for the rest of the year, with the second quarter at 5.85% and the third and fourth quarters at 6.22% and 6.28%, respectively.

The second scenario envisions achieving GDP growth of 6.5% for the entire year. Under this scenario, GDP growth for the second and third quarters is projected at 6.32% and 6.79%, respectively, with a notable surge to 7.08% in the last quarter.

While the ministry recommends scenario two, aiming for 6.5% GDP growth in 2024, it acknowledges that this ambitious target can only be met under favorable global and domestic conditions. Successful attainment also hinges on how new supportive fiscal and monetary policies are carried out.

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