Vietnam on Sunday reported financial progress of two.91 p.c in 2020, the slowest fee in additional than 30 years because the nation battled the coronavirus pandemic.
The communist state has lengthy been amongst Asia’s fastest-growing economies, and the 2020 determine marked a pointy fall from final yr’s GDP progress of seven p.c.
However Vietnam’s efficiency seems rosy within the context of a world recession triggered by the pandemic, and officers hailed it as a “big success”.
The Hanoi-based Basic Statistics Workplace (GSO) stated in a press release Sunday that progress for the ultimate quarter was 4.48 p.c, contributing to the year-end determine of two.91 p.c.
“Within the context of difficult improvement of the Covid-19 pandemic that badly impacts the socio-economic state of affairs, this was an enormous success for Vietnam,” GSO stated within the assertion.
Whereas many international locations have suffered from excessive an infection and mortality charges, Vietnam — inhabitants 96 million — has recorded fewer than 1,500 coronavirus instances and solely 35 deaths.
Mass quarantines, in depth contact-tracing and strict controls on motion have allowed the nation to maintain factories largely open and get individuals again to work swiftly.
The official figures beat the Worldwide Financial Fund’s forecast of two.4 p.c progress for Vietnam. The IMF has predicted a world contraction of 4.4 p.c.
The World Financial institution says Vietnam could get pleasure from extra success in 2021.
“Trying forward, Vietnam’s prospects seem optimistic because the financial system is projected to develop by about 6.8 p.c in 2021 and thereafter stabilise at round 6.5 p.c,” the Financial institution stated in a current report.
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