Vietnam’s economy bounced back in the fourth quarter (Q4) as manufacturing revived and exports extended their recovery from the pandemic slump earlier 2021.
GDP rose 5.22% in Q4 compared to 2020, up from a revised -6.02% in Q3, according to the General Statistics Office in Hanoi. That is compared to the median estimate of 3.7 % for Q4 in a Bloomberg survey of 21 economists.
The economy grew 2.58% for the full year of 2021, compared to the median estimate of 2.2% in the Bloomberg survey and just above the government’s forecast of 2.5%. The country’s performance was better than forecast by the Asian Development Bank, which had, in December 2021, revised its 2021 growth forecast for Vietnam to 2%, down from 3.8% previously.
The country’s growth in 2021 is significant, given the pandemic’s negative impact on all sectors of the economy. The economy is expected to accelerate its recovery from the pandemic in 2022, with momentum coming from the travel and tourism industries, increasing domestic consumption and government stimulus measures, according to Le Trung Hieu, Head of the GDP Department of the Statistics Office.
(Source: The Business Times)