ADB Forecasts Vietnam GDP Growth at 6.5% in 2010
The Asian Development Bank forecast in a report released on Dec 14 that Vietnam’s economy will grow 6.5% next year on anticipation the government will not adopt additional fiscal stimulus measures and the State Bank of Vietnam will further pursue tight monetary policy.
The ABD’s forecast in the report titled the Asian Development Outlook 2009 Update is based on the assumption that the SBV will eliminate the forex shortage by greater flexibility of its reference rate and increased forex sales.
However, analysts of the ADB said in the report that Vietnam’s inflation is likely to rise 8.3% next year from 5.2% in 2009, backed by rapid growth of money supply this year and possible increases in world commodity prices.
The risk of inflationary pressure is higher in Vietnam than in other regional countries due to a larger credit growth in 2009, the report added.
Earlier in late November, the National Assembly, the country’s highest legislative body, approved the GDP growth target of 6.5% for 2010. (www.adb.org)
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