The ASEAN+3 Macroeconomic Research Office (AMRO) has revised Vietnam’s economic growth forecast to 6.3% for 2024 in its latest update.
The growth rate is 0.3% higher than the April forecast. It is also the highest among ASEAN countries for 2024.
The Singapore-based AMRO maintains its forecast for Vietnam’s GDP growth in 2025 at 6.5%.
According to AMRO, with the Philippines projected to have the second-highest growth rate in 2024 at 6.1%, followed by Cambodia at 5.6% and Indonesia at 5.2%.
AMRO Chief Economist Hoe Ee Khor notes that Vietnam was hit hard last year by the downturn in external demand, but is expected to benefit from a turnaround this year.
“This is going to be a very strong growth year for Vietnam. The country is one of those highly open economies that benefit greatly from trade,” he adds.
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