Vietnam’s Q1 GDP grew by 3.9 percent year on year and Q2 growth surged 4.5 percent quarter on quarter. All GDP statistics of Vietnam could be publicised in this week, ANZ said.
Paul Gruenwald, chief economist of ANZ’s Asia Pacific region said that the worst period of Vietnamese economy is over. The more importance is when the economy would surge again.
Vietnamese economic rally depends on increase in external demand coupled with spending rise in US and Europe.
Organisation for Economic Cooperation and Development (OECD) recently raised the economic growth forecast in next two years of its 30 member countries while International Monetary Fund (IMF) increased prediction on Australia’s economic growth for this year and 2010.
Economists said that Japan’s economy will grow by 2.3 percent in Q2 of 2009 while Korean finance minister last week predicted the Q2 GDP growth would be 2 percent quarter on quarter.
MSCI of Asia Pacific stock market till date has surged 46 percent from the lowest level on March 9, 2009.
Quoting Alvin Liew, economist from Standard Chartered-Singapore arm, the majority of economies have undergone the bottom of economic crisis thanks to good performance of domestic factors. Although Vietnam’s export remained slow, the economy is in the good increasing impetus thanks to the government’s effective policies.