CIEM: Vietnam's GDP forecast to grow 6.95% in 2024

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(VOVWORLD) -If world economic conditions are favorable and domestic efforts are strong, Vietnam can achieve a GDP growth of 6.95% in 2024, according to a report released on Tuesday by the Central Institute for Economic Management (CIEM).

 

The report "Vietnam's economy in the first half and outlook for the 2024" said Vietnam's real GDP growth has exceeded its potential for four consecutive quarters. In the past six months, growth recovery was reported in industry, services and agriculture. In particular, foreign investment (FDI) continued to be a bright spot, showing foreign investors' confidence in Vietnam's economic prospects.

Nguyen Anh Duong, Head of the General Research Department at CIEM suggested two scenarios. “According to scenario 1, the normal scenario, GDP growth is forecast to reach 6.55% (this year), inflation at 4.32%, and export growth at 9.54%. In a more positive scenario, GDP could expand nearly 7%, average inflation will be lower, at 4.12%, and export growth will be more than 11.64%.”   

The report offers three policy recommendations: improve growth quality; operate appropriate macroeconomic policies; and effectively implement Free Trade Agreements (FTA).

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