(Photo: VNA)

The ADB told a press conference on Wednesday that a recovering labor market, along with the monetary and fiscal stimulus measures of the government’s Economic Recovery and Development Program, will spur industrial growth by a projected 9.5% in 2022. Agriculture output is expected to grow 3.5% this year, on revived domestic demand and rising global commodity prices.

Meanwhile, the World Bank (WB) predicts Vietnam’s GDP growth this year will be 5.3%, down from its previous forecast of 6.5% issued last October. The new projection was posted online Tuesday in its East Asia and Pacific Economic Update, titled “Braving the Storms”.

Explaining the revision, East Asia and Pacific Chief Economist Aaditya Mattoo pointed to the difficulties caused by the Omicron variant of the coronavirus.

According to the WB, the Ukraine crisis threatens the uneven recovery from the pandemic of developing East Asia and Pacific countries.