Accelerated public investment and accommodative fiscal and monetary policies are anticipated to further stimulate domestic demand amidst external challenges, ADB said in its latest edition of Asian Development Outlook (ADO).
The ADB has raised its growth forecasts for Vietnam for 2024 and 2025 to 6.4 per cent and 6.6 per cent respectively from 6 per cent and 6.2 per cent earlier, driven by stronger trade activities and ongoing fiscal stimulus measures.
Accelerated public investment and accommodative fiscal and monetary policies are expected to further stimulate domestic demand amidst external challenges, it noted.
Despite Typhoon Yagi severely affecting many parts of the country, the government’s swift response and recovery efforts limited its impact on growth, it stated.
Southeast Asia’s growth outlook for 2024 improved, revised up to 4.7 per cent from 4.5 per cent, driven by stronger manufacturing exports and public capital spending in larger economy. The region’s 2025 growth forecast is 4.7 per cent.
Fibre2Fashion News Desk (DS)
