Q2 growth likely to suffer from pandemic Vietnam’s economic growth in the second quarter is almost certain to be down against the first quarter as the COVID-19 pandemic impacts the world, experts have said. The Ministry of Planning and Investment said the pandemic is developing in an unpredictable manner, making it difficult to determine when its peak and end will occur. The ministry noted the outbreak has seriously affected all elements of socio-economic development. Businesses are now facing the risk of material shortages and may be forced to suspend operations, while inflationary pressure is mounting and rising unemployment may impact on social security. Vietnam’s GDP growth in the first quarter was already the slowest for a decade, at 3.82 percent, according to the General Statistics Office. Experts from the Hanoi-based National Economics University (NEU) recently forecast year-on-year growth in Q2 of around 2 percent or even lower if the pandemic worsens. Exports may decline by some 25 percent in the quarter and 15 percent in subsequent quarters, they added, with economic recovery expected to begin in Q3 at the earliest. The NEU experts also noted that these figures are only rough estimates at this stage. They believe Vietnam’s economy may… Read full this story
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