ADB predicts higher growth rate for VN in 2009

VGP – Việt Nam’s economy would grow at 4.7% in 2009 and 6.5% in 2010, said the Asian Development Bank (ADB) this morning in Hà Nội. Earlier in March, the ADB forecasted the economic growth rate of 4.5%.

September 22, 2009 9:00 PM GMT+7

Việt Nam’s export turnover (red bars) in some early months of 2009

ADB Country Director Ayumi Konishi said that the Vietnamese Government’s policies have helped mitigate impacts of the global economic turmoil on the national economy.
According to the ADB’s Development Outlook published in March, the Asian financial institution believed that Việt Nam’s economy is quite safe from the global financial crisis despite the external adverse challenges. The economy still exhibited a positive growth rate, though low, thanks to flexible fiscal and monetary policies which ignited domestic consumption and investment.
The economic downturn in Việt Nam bottomed in early 2009 and the country’s year-on-year GDP started to rebound in the first quarter, reported the ADB.

However, the ADB warned that inflation is looming due to the increases in the world’s consumption prices resulted from the global economic recovery.
The Government should harmonize growth stimulation and macro-economic stability, proposed Mr. Ayumi Konishi, highly speaking of the Vietnamese competent bodies’ initial steps to control inflation.

By Hải Minh