GDP Vietnam 2023
 Show Asian Development OutlookThe Asian Development Outlook analyzes economic and development issues in developing countries in Asia. Key IndicatorsThe Key Indicators for Asia and the Pacific publication presents data regarding the economic, financial, social, and environmental situations in a broad range of countries across the region. Basic StatisticsThe Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. Economics Government forecasts 2022 GDP growth at 8%, beating target Vietnam sees inflation quickening to about 4.5% in 2023 The government sees 2023 inflation at about 4.5%, compared to 4% this year. Photographer: Maika Elan/BloombergOctober 20, 2022, 2:57 AM UTCUpdated onOctober 20, 2022, 4:55 AM UTC Prime Minister Pham Minh Chinh is confident Vietnam’s growth will exceed expectations this year, and retain the title of Southeast Asia’s fastest-growing economy through next year, as it emerges from the pandemic. He expects gross domestic product to rise 8% in 2022 -- beating the government’s target of 6%-6.5% and faster than the median 7.3% pace estimated in a Bloomberg survey -- and expand 6.5% in the following year. The first half of 2022 saw a positive economic rebound in Vietnam as the country’s GDP grew 7.72 percent with solid exports and consumer spending. Here, Vietnam Briefing provides a report on how the International Monetary Fund (IMF) analyzed certain trends in the economy with an optimistic outlook on the country’s growth. As per the International Monetary Fund (IMF), Vietnam’s upbeat economic growth is leading a differing path to the slowing trend in other economies elsewhere in Asia. In addition, Vietnam’s inflation rate has also remained under control as domestic inflation pressures have been mostly limited to fuel prices and direct-related services like transport. Consumer prices in the first seven months of the year did pick up yet remain below the central bank’s 4 percent target for the year. This is partly thanks to Vietnam’s delayed recovery during 2021, which has kept inflation under control while maintaining food prices and energy costs below regional peers. Webinar – Diversify Your Business to Vietnam: Where, Why, and How Nov. 3, 2022 | 10:00 AM Los Angeles / 1:00 PM New York Discover how to enter the Vietnamese market to succeed amid today’s uncertain world. Join us in this free webinar! Register Now IMF optimistic on Vietnam’s growthThese successes, according to the IMF, can be attributed to the country’s flexible adoption of a living-with-COVID strategy and nationwide vaccination coverage. Support policies such as low-interest rates, strong credit growth, and the government’s Programme for Socio-economic Recovery and Development have also facilitated strong manufacturing output and a recovery in retail and tourism activity. The global surge in food prices also has had a minor impact on domestic consumer prices largely thanks to the country’s ample domestic supplies, declining prices on pork – which remains the locals’ most preferred protein, from last year’s peak, and a preference for rice, which remains cheaper than other grains like wheat. Further, price gains for services, such as health and education, have also been very mild. With such an optimistic outlook, the IMF recently lifted the growth rate forecast for Vietnam by a full percentage point from three months earlier, to 7 percent this year. Noticeably, this is, for the IMF, the only significant upward revision among other major Asian countries. The organization lowered the projection for Vietnam’s 2023 growth rate by 0.5 percentage points to 6.7 percent, but still, that remains an optimistic outlook compared to the rather dimming prospects elsewhere and would be the fastest pace among Asia’s major economies. For Asia as a whole, the IMF’s growth estimates were lowered to 4.2 percent and 4.6 percent for this year and next in the IMF’s latest World Economic Outlook Update. Key challengesDespite Vietnam’s relatively subdued inflation, the rate could potentially pick up as more economic activities in the country rebound. Costs for transportation and commodities such as fertilizers and animal feed, according to the IMF, could also raise the prices for domestic goods and services accordingly, all putting more inflationary pressure on the economy. Economic slowdown globally, including the world’s factory China and major advanced economies, could also be another impediment to Vietnam’s recovery. Particularly, the IMF’s World Economic Outlook lowered estimates to 3.2 percent this year and 2.9 percent next year amid the effects of the Russia-Ukraine crisis. Such a slowdown means lower demand for Vietnam’s exports, especially from major trade partners like the US, China, and Europe. In addition, Vietnam may also suffer from the effects of increasing financing costs and further capital outflows as financial conditions are tightening as the US and other developed economies raise interest rates to cope with inflation. Finally, headwinds from shortages of raw materials and restricted access to needed intermediate goods as well as further supply-chain disruptions can trigger greater uncertainty about global trade and financial markets. Together, the IMF report brings forward several key actions from the economy in order to cope with such headwinds, including:
About Us Vietnam Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in Hanoi, Ho Chi Minh City, and Da Nang. Readers may write to for more support on doing business in Vietnam. We also maintain offices or have alliance partners assisting foreign investors in Indonesia, India, Singapore, The Philippines, Malaysia, Thailand, Italy, Germany, and the United States, in addition to practices in Bangladesh and Russia. Is Vietnam rich or poor 2022?Economy of Vietnam. What is the economic outlook for 2023?Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.
What is the GDP of China in 2024?In 2021, the gross domestic product (GDP) of China amounted to around 17.74 trillion U.S. dollars.
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. What is the expected GDP growth for 2022?The IMF's World Economic Outlook released last week forecasts that global economic growth will slow from 3.2 percent this year to 2.7 percent next year. The 2022 projection was unchanged from the last estimate, in July, but next year's was cut by 0.2 percentage point.
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