Vietnam’s economy to grow 4.7% in 2023: WB

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(VOVWORLD) - The World Bank (WB) has forecast Vietnam’s growth rate to reach 4.7% this year. According to a World Bank economic update released on Monday, Vietnam’s poverty rate is expected to decline to 3% from 3.2% last year.

The World Bank also reported that Vietnam will face risks, including weaker than expected growth in developed countries and China, a decline in external demand for Vietnam’s export items and a leveling off of domestic demand.

As Vietnam is set to become a high-income country by 2045, the WB recommends that the country raise its productivity by improving the financial sector’s fundamentals, and addressing institutional bottlenecks in public investment to solve the problem of infrastructure inadequacy.

At the same time, it is necessary to create a favorable environment for the domestic private sector to operate more effectively, in addition to handling the risks of climate change and environmental sustainability, the WB said.