Everyone's Favorite Economy
What about the future?
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The usual free-to-read Friday recap will largely cover the aftermath of Typhoon Noru, one of the strongest storms to hit the country in decades.
Going Gaga Over GDP
When looking at headlines these days, one gets the impression that Vietnam has turned into a world-beating economic powerhouse. Let’s look at three examples just from this week.
On Tuesday, the World Bank updated its 2022 growth forecasts for Asia-Pacific, and Vietnam has the highest projected GDP growth rate: 7.2%. Only the Philippines (6.5%) and Malaysia (6.4%) cleared 6% in this forecast, with most other countries in the region predicted to see growth under 5%.
China, which has powered Asia for decades, is only expected to grow by 2.8%.
The Economist, meanwhile, declared that ‘Vietnam is emerging as a winner from the era of deglobalisation,’ while also noting that the government’s goal of becoming a wealthy country by 2045 will be difficult.
And in the Financial Times, Rockefeller International chair Richir Sharma named Vietnam one of the ‘seven economic wonders of a worried world,’ “a case study in communism that works.”
While officials are happy to absorb these plaudits, they have also highlighted the challenges facing the economy.