GDP growth to reach 5.49 pct. in normal scenario in 2021: Economics Institute
Vietnam’s 2021 GDP growth is projected at 5.49 percent in the normal scenario, 6.9 percent if the current situation gets better, and 3.48 percent in the worst-case scenario, according to the Vietnam Institute of Economics under the Vietnam Academy of Social Sciences (VASS).
Hanoi (VNA) - Vietnam’s 2021 GDP growth is projected at 5.49percent in the normal scenario, 6.9 percent if the current situation getsbetter, and 3.48 percent in the worst-case scenario, according to the VietnamInstitute of Economics under the Vietnam Academy of Social Sciences (VASS).
Thereal growth rate will depend on the world economic situation and the capacityto absorb FDI, the “Vietnam Economic Overview 2020: Promoting innovation-basedeconomic growth” conference held by the institute on January 19 heard.
VASSPresident Bui Nhat Quang said the COVID-19 pandemic strongly affected economicgrowth around the world in 2020, with most major economies postingcontractions.
Vietnam,however, achieved the twin targets of disease prevention and socio-economicrecovery and development.
It postedeconomic growth of 2.91 percent, the lowest since 1986, when its “renewal”process began, but higher than the figure posted in many other countries in theregion and the world, Quang stressed.
Illustrative image (Source: VNA)
LyDai Hung from the institute’s Macro-economy and Economic Institution Division saidthat the world situation is showing positive signs, as COVID-19 vaccines have begunto be introduced in countries such as India, Indonesia, and Switzerland andwill be expanded to others throughout the year.
Theworld economy will warm up along with the implementation of various economicsupport packages, thus promoting Vietnam’s trade and investment activities, hesaid.
Delegatesfrom research institutes discussed measures at the conference to boostpost-pandemic economic growth based on innovation and digital transformation.They stressed the importance of renewing policies and institutions to encouragethe engagement of the private sector in the process.
Itis also necessary to quickly carry out a digital transformation strategy inline with new economic stimulus packages, they added./.
Vietnam has emerged as an economic bright spot with a growth rate of 2.91 percent in 2020, which is attributable to the country’s efforts in containing COVID-19 and timely support policies to people and businesses, international organisations said.
Though COVID-19 has sent the global economy into one of its worst recessions ever, Vietnam posted GDP growth of 2.91 percent in 2020 thanks to its solid control of outbreaks and timely support to both enterprises and local people.
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An overview of the event (Photo: VNA) 
Illustrative image (Source: VNA) 
