The World Bank in the Taking Stock report titled “What will be the new normal for Vietnam? The economic impact of COVID-19” has forecast that Vietnam’s economic growth may slow to 2.8% this year, but quicken to 6.8% in 2021. With such forecast growth, Vietnam may rank the fifth-fastest economy in the world in 2020. According to the report, although the Vietnamese economy suffered from COVID-19 in the first half of 2020, prospects remain positive for both the short and medium terms. If the world situation gradually improves, economic activity should rebound in the second semester of 2020. With less favorable external conditions, the economy will expand by only 1.5% in 2020 and 4.5% in 2021, the report said. Ms. Stefanie Stallmeister, World Bank Acting Country Director for Vietnam, said: “To adapt to the new normal, policymakers must find new ways to compensate for the weakening of the traditional drivers of growth while managing rising inequality.” “However, by being ahead of the curve of the COVID-19 crisis, Vietnam has the unique opportunity to increase its footprint on the global economy and become a leader in tomorrow’s digital world,” the executive added. (CafeF, CafeF, Lao Dong, VietnamBiz)
