Vietnam’s 2020 economy likely second highest in Asia-Pacific: S&P Global Ratings

Vietnam is likely to be the second best performer of economic recovery in Asia-Pacific, said a report recently released by S&P Global Ratings which revised up GDP growths of regional countries this year in the light of reviving trade and consumption. The US-based credit rating agency forecast Vietnam’s GDP to pick up 1.9 percent in 2020 and 11.2 percent next year.

China was predicted to see the highest growth, which was raised to 2.1 percent compared to 1.2 percent previously. Its 2021 forecast, meanwhile, was cut to 6.9 percent from 7.4 percent.

According to the rating agency, employment is a decisive factor to regional recovery pace. In most cases, the employment rate will return to the pre-pandemic level in 2022 at the earliest, it said.

It also noted that Asia-Pacific’s economic growth would be stimulated by trade and production, but a full recovery would also require improvement in the service sector.

Source: VOV5