HANOI, Oct. 4 (Xinhua) -- In its latest East Asia and Pacific Economic Update released on Thursday, the World Bank (WB) predicted Vietnam's economy will expand 6.8 percent this year, up from the rate of 6.5 percent it forecast in April.
File photos: VCG
In its October 2018 edition of East Asia and Pacific Economic Update named "Navigating Uncertainty", the WB also raised Vietnam's 2019 economic growth forecast to 6.6 percent from 6.5 percent, and kept the country's 2020 economic growth forecast unchanged at 6.5 percent.
In Vietnam and Thailand, growth is expected to be robust in 2018 before slowing in 2019 and 2020 as stronger domestic demand only partially offsets the moderation in net export growth, the bank said, noting that inflation has begun to rise across the region, particularly in Myanmar, the Philippines, and Vietnam.
According to the WB's report, despite a less favorable external environment, the growth outlook for developing East Asia and Pacific remains positive. Growth in developing East Asia and Pacific is expected to be 6.3 percent this year.
According to the forecast of the Asian Development Bank in its Asian Development Outlook 2018 Update released last month, Vietnam's economy will grow 6.9 percent in 2018.
Vietnam is estimated to post gross domestic product (GDP) growth of 6.98 percent in the first three quarters of this year, the highest nine-month growth rate since 2011, said the country's General Statistics Office.
Vietnam is taking synchronous measures to gain GDP growth of over 6.7 percent this year, according to a government report recently presented before the country's top legislature. The top legislature targeted GDP growth of 6.5-6.7 percent in 2018, compared with 6.81 percent in 2017.