07/05/2020

Vietnam wants economy to grow faster than 2.7% IMF forecast, inflation below 4%

Vietnam eyes 2020 economic growth at above 2.7%, inflation below 4%. Petrotmes.vn
Vietnam is striving for 2020 GDP growth at above 2.7% while the inflation rate remains below 4%, Prime Minister Nguyen Xuan Phuc said while chairing cabinet meeting on Tuesday in Hanoi.

The government chief asked ministries, branches and localities to disburse VND700 trillion ($30 billion) the public investment capital in this year to stimulate economic growth while the world economies are expected to face contraction.

The world economy is expected to grow by 3% this year, said International Monetary Fund. Vietnam reported economic growth at 3.82% in the first quarter of this year. The country had targeted 6.8% growth for 2020 before the coronavirus outbreak was reported.

The prime minister who expects the economy to recover soon encouraged ministries, sectors to focus on restarting the economy, promoting development to keep up with the development pace while winning the pandemic.

The IMF estimated that Vietnam will enjoy the highest growth rate in Southeast Asia this year, at about 2.7%. PM Phuc is urging for a higher rate.

At the meeting, PM Phuc asked officials to discuss and propose economic growth targets for 2020 before submitting to the Politburo, the Government and the National Assembly.

PhĂșc said the Covid-19 pandemic has been controlled well in Vietnam. So far, the country has recorded no fatality.

Source: Nhip Cau Dau Tu Magazine