A foreign company’s factory in HCM City. Standard Chartered Bank has forecast Việt Nam’s economic growth to fall to 3.3 per cent and FDI inflows to be below US$10 in 2020 due to the impacts of the COVID-19 pandemic. — Photo cafebiz.vn HCM CITY — Standard Chartered Bank has forecast Việt Nam’s economic growth rate to slow down to 3.3 per cent in 2020. In its recently published Global Focus – Economic Outlook report for Quarter 2, 2020, titled ‘Darkest before the dawn’, Chidu Narayanan, its senior economist for Asia, said: “Việt Nam is now more integrated with the global economy via its booming manufacturing sector; its trade-to-GDP ratio has risen to 300 per cent, among the highest in Asia, signifying its high dependence on global demand. “Lower global demand amid likely recessions in the US, the euro area and other G10 economies will weigh on 2020 growth. We see growth rebounding to 6.5 per cent in 2021 given an expected demand recovery and the low base from 2020.” Manufacturing growth is likely to decline sharply to 3 per cent compared to around 11 per cent in 2019. The sector, which accounts for around 19 per cent of GDP… Read full this story
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