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Sunday, 23 June 2024 00:00

Vietnam Faces Challenges in Achieving 6.5 Percent Economic Growth Target for 2024

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The photo taken on December 9, 2023, shows the landscape of Hanoi, the capital of Vietnam. (Photo by: ANTARA/Xinhua/Cheng Yiheng)

 

 

VOINews, Jakarta: Vietnam is grappling with challenges to meet its 2024 economic growth target of 6.5 percent, as reported by local media on Friday (June 21), citing data from the Annual Economic Report 2024.

Researchers project a Gross Domestic Product (GDP) growth of 5.85 percent for this year, with an inflation rate of 4.5 percent, according to the report from Vietnam National University.

The report indicates that with adjusted economic policies such as interest rate reductions, sustained exports, and increased public investment spending, GDP growth is estimated to reach 6.01 percent.

As reported by Antara, Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economics and Policy Research, stated that Vietnam's economy is operating below its potential in both scenarios.

He suggested that in the short term, attention should be focused on fiscal policies to stimulate demand, particularly accelerating public investment in the remaining months of the year.

Vietnam recorded a year-on-year GDP growth of 5.66 percent in the first quarter of this year, according to data from the General Statistics Office of Vietnam.

The Asian Development Bank (ADB) forecasts that the country's economy will grow by 6 percent throughout the year./Antara/VOI

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