IMF cuts Vietnam’s 2013-14 growth forecasts

IMF cuts Vietnam’s 2013-14 growth forecasts

The International Monetary Fund has lowered the forecasts for Vietnam’s GDP growth in its latest World Economic Outlook report released late last month.

The half-yearly publication, released on April 29 and titled “Hopes, Realities, and Risks,” said the country’s GDP would rise by 5.2 percent in 2013, a 0.6 percentage point cut from the last prediction in January.

GDP growth forecast in 2014 was also cut from 6.4 percent to 5.2 percent.

The Vietnam’s consumer price index is projected to rise by 8.8 percent in 2013, but slows down to 8 percent in 2014, the report said.

As for other ASEAN countries, IMF said Indonesia would post a 6.3 percent GDP growth this year, while the respective figures for Thailand, Malaysia, and the Philippines are 5.9 percent, 5.1 percent, and 6.0 percent.

The IMF also stated in the report that world output growth is forecast to reach 3.25 percent in 2013 and 4 percent in 2014.

“Global economic prospects have improved again but the road to recovery in the advanced economies will remain bumpy,” the report reads.

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