(VOVWORLD) - The Asian Development Bank (ADB) has maintained its favorable economic outlook for Vietnam as it forecasts the country's gross domestic product to expand 6.5% in 2022 and 6.7% in 2023, making it the fastest growing economy in Southeast Asia, as the ADB updated its flagship economic report on Wednesday.
 The Asian Development Outlook (ADO) Update 2022 is released on September 21 in Hanoi. Photo: VGP |
ADB Country Director for Vietnam Andrew Jeffries commented that the national economy recovered faster than expected in the first half of this year and continues to grow amid the challenging global environment.
The steady recovery was supported by strong economic fundamentals and driven by a faster-than-expected bounce back of manufacturing and services, he said.
According to the Asian Development Outlook (ADO) Update 2022, Vietnam’s prudent monetary policy and effective price controls should keep inflation in check at 3.8% this year and 4.0% in 2023, unchanged from the bank’s projection made in April.
The report found that Vietnam’s economic outlook continues to face heightened risks as the global economic slowdown could weigh on Vietnam’s exports. ADB Chief Economist Nguyen Minh Cuong said as a consequence, the government needs to resolutely pursue a prudent and flexible monetary policy while accelerating public investment.
“Fiscal policy remains a priority tool as seen in other countries. This requires disbursement improvement to ensure fiscal policy efficient implementation," Cuong said.