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The IMF forecasts that Vietnam would achieve the fastest GDP growth in ASEAN in 2022

09/04/2021

The International Monetary Fund (IMF) forecasts that by 2022, the group of countries with the fastest growth in Gross Domestic Product (GDP) of the Association of Southeast Asian Nations (ASEAN) will include Vietnam (7.2%), Philippines (6.5%), Malaysia and Cambodia both in third place with projected growth of 6%.

In the World Economic Outlook report released in the middle of this week, according to the IMF, in 2021, there were 6 ASEAN countries with high GDP growth, including the Philippines (6.9%), Malaysia and Vietnam (both at 6.5%), Singapore (5.2%), Laos (4.6%), Indonesia (4.3%) and Cambodia (4.2%). The IMF also expects Cambodia to become the fastest growing ASEAN economy by 2026, with GDP growth at 6.8%.

According to the VNA correspondent in Phnom Penh, IMF data show that due to the negative impact of the COVID-19 pandemic, Cambodia's GDP fell 3.5% in 2020, while some economies in the region fell even more sharply such as the Philippines (-9.5%), Thailand (-6.1%), Malaysia (-5.6%) and Singapore (-5.4%). Only 3 ASEAN countries with increased GDP, i.e. Myanmar (3.2%), Vietnam (2.9%) and Brunei (1.2%).

Previously, in a report released in March, the IMF Regional Office for Asia and the Pacific recognized Cambodia's initiative on vocational training for the people, and cash support for poor households as strong responses to the COVID-19 pandemic. According to the IMF, Cambodia - with almost no welfare and social security mechanisms, has adopted a system to identify poor people to distribute cash.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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