VGP – The Asian Development Bank (ADB) has recently released its Asian Development Outlook (ADO) report, revising Vietnam's economic growth forecast for 2024 and 2025 from 6.0% and 6.2% to 6.4% and 6.6%, respectively.
According to the ADB, Vietnam’s stronger-than-expected trade performance, robust recovery in the export-oriented manufacturing sector, and the continued implementation of fiscal support policies have significantly contributed to the upward revision of the country's growth forecast.
In light of increasing global economic challenges, the ADB emphasized that promoting public investment and implementing fiscal and monetary support measures are essential to stimulating domestic consumption and sustaining economic growth.
The updated report also forecasts stable economic growth for the Asia-Pacific region in 2024 and 2025. The growth rate for developing economies in the Asia-Pacific is projected at 4.9% in 2024, down from the ADB's previous forecast of 5% in September.
The ADB noted an upward adjustment for Southeast Asia’s economic growth, with the 2024 forecast rising from 4.5% to 4.7%, while the 2025 forecast remains steady at 4.7%.
The report highlights the potential impact of U.S. government policies on the region's long-term economic outlook, particularly under the administration of the incoming U.S. President, Donald Trump. However, in the short term, the economic outlook for the region’s economies is expected to remain stable.