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Thursday, June 20, 2024

Uncertainty surrounds growth target

By Dung Nguyen

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The ambitious goal of achieving the 6.5% GDP growth rate this year is facing considerable uncertainty as the fourth quarter, known for its heightened economic activity, approaches. Economists, in light of recent economic data, have recalibrated their forecasts for this year’s GDP growth, revising it down to 5%. Q4 economic growth faces challenges Based on the economic performance in the first nine months of the year, numerous research institutes have revised their 2023 economic growth projections to approximately 5%. This adjustment largely stems from growth figures that have fallen short of initial expectations. The Ministry of Planning and Investment has also weighed in, projecting a growth rate for this year ranging between 5% and 6%. Recent data reveals that GDP expanded by 4.24% from January to September compared to the same period in 2022. This marks a significant increase from the 3.72% growth observed in the first half of the year. However, economic experts caution that sustaining this growth rate, especially in critical sectors of the economy, may pose challenges. The manufacturing and trade sectors have not rebounded as robustly as anticipated during the first half of 2023. The consumer sector has been lagging, with income growth rates trailing behind […]
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