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Friday, June 14, 2024

Vietnam comes sixth among Asia’s fastest-growing economies

The Saigon Times

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HCMC – Vietnam has solidified its position as the sixth-fastest-growing economy among the top 20 in Asia, according to a report published on finance.yahoo.com.

Asian economies are poised for an upswing in growth rates this year, with forecasts indicating a rise to 4.5%, up from the previous estimate of 4.2%.

Determining the top 20 fastest-growing Asian economies for 2024 involves considering real GDP growth and per capita GDP growth, both internationally recognized metrics for assessing economic growth.

Vietnam’s ascent to sixth place in Asia’s growth rankings is underpinned by a projected real GDP growth rate of 5.8% and a per capita GDP growth rate of 7.41% by 2024.

Leading the rankings is the Macao Special Administrative Region, followed by India, Cambodia, Bangladesh, and the Philippines. In Southeast Asia, Vietnam is followed by Indonesia, Malaysia, Laos, and Thailand.

However, the article underscores that the region’s economic recovery depends on effective risk management, given challenges such as the real estate crisis in China, financial fluctuations in debt-burdened economies, and rising transportation costs.

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