Vietnam named among top 20 drivers of global growth in 2019

23-Oct-2019 Intellasia | HanoiTimes | 6:02 AM Print This Post

In addition to Vietnam, there are four others economies from the Southeast Asian region named in the list, including Indonesia, the Philippines, Malaysia and Thailand.

Vietnam has been named among Bloomberg’s list of top 20 drivers of global growth in 2019. The country, however, is projected to remain outside the 2024 list.

The group of 20 account for 85.8 percent of the world GDP growth.

In the 2019 list, China and US claimed the top two spots, in which the Chinese economy accounts for 32.7 percentof global GDP growth, and the US with 13.8 percent.

In addition to Vietnam, there are four others economies from the Southeast Asian region named in the list, including Indonesia, the Philippines, Malaysia and Thailand.

Others countries that make up the rest of the top 20 are Japan, Russia, Germany, France, Brazil, the UK, Canada, Sweden, South Korea, Spain, Egypt and Bangladesh.

The global economy, weighed down by tensions that have stalled international trade and elevated uncertainty, is expected to see slower growth in the next half decade across a wide swath of economies, according to Bloomberg.

Weaker global growth, expected to fall to 3 percent this year and the slowest since the global financial crisis, will affect 90 percent of the world, according to estimates released this week by the International Monetary Fund.

Bloomberg used IMF projections, adjusted for purchasing power parity, to identify these growth engines.

The IMF said new growth engines among the top 20 countries in five years will include Turkey, Mexico, Pakistan and Saudi Arabia, while Spain, Poland, Canada and Vietnam drop out of the first 20.

Vietnam posted year-on-year GDP growth of 6.98 percent in the first nine months of 2019, the highest growth rate over the last nine years for a-nine-month performance. The country is on track to reach the GDP growth target of 6.8 percent for 2019.

The main driving force for Vietnam’s economic growth in the nine-month period is the manufacturing and processing sector, posting a growth rate of 11.37 percent and other service sectors, including wholesale and retail with 8.31 percent; finance, banking and insurance with 8.19 percent; transportation and storage with 7.82 percent; information and communication with 7.65 percent.

Vietnam’s Ministry of Planning and Investment (MPI) expected the country’s GDP in 2020 to reach 6.8 percent, the same target set for the economy in 2019.

Previously, the International Monetary Fund (IMF) projected VIetnam’s GDP growth in 2019 and 2020 at 6.5 percent, while the Asian Development Bank (ADB) took a more optimistic view projecting the country to maintain healthy growth in 2019 and 2020 at 6.8 percent and 6.7 percent. Similarly, HSBC has revised Vietnam’s economic growth for 2019 from previous 6.7 percent to 6.9 percent, but expected the growth to moderate to 6.4 percent in 2020.

http://www.hanoitimes.vn/economy/2019/10/81E0DD39/vietnam-named-among-top-20-drivers-of-global-growth-in-2019/

 


Category: Economy, Vietnam

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