World Bank: Vietnam will be the 5th highest growth country in the world in 2020

With more than 17 million infections and more than 650,000 deaths worldwide, Covid-19 has become the largest medical number in the past few decades, even the last century. It was followed by signs that an economic slowdown has begun to rekindle in many countries. Governments face the difficult choice between spacing society apart to save lives or opening the door to saving the economy.

Sharing at the publication of the Review Report on the afternoon of July 30, 2020, Ms. Stefanie Stallmeister - Acting Director of the World Bank in Vietnam - said that while countries still do not know which direction to go, Vietnam Nam has responded quickly and boldly, taking an early and transparent response to information and creative communication, thereby helping to effectively fight the epidemic.

However, she also noted that Vietnam will still suffer from the effects caused by Covid, when the vaccine has not been commercialized. At the same time, the outbreak of the second Covid wave in Da Nang also reminded and showed the fragility of the economy.

The report of the World Bank Vietnam said that, although still standing firmly in the first half of the year, Vietnam's economy also grew by only 1.8%, or equivalent to a decrease of approximately 5 percentage points compared to the orbit. previous growth.

At the same time, about 30 million workers, or half of the workforce, were once affected by the disease. Among them, about 8 million people have lost their jobs.

The socio-economic easing policies have also helped the industries recover, but the industries such as tourism and export processing still face many risks.

With an optimistic view, the World Bank believes that Vietnam will continue to be one of the most vibrant economies in the world, GDP growth will reach 2.8% in 2020, returning to 6.7. % in 2021. At the same time, Vietnam will be the 5th largest growth country in the world in 2020.

However, the World Bank also said that Vietnam should not think in the direction of returning to the normal state but instead, find out what the new normal state will be when a pandemic changes the way people live and work. job.

At the same time, it is necessary to prepare the spirit that Vietnam will continue to campaign in a state of uncertainty, both at home and abroad, in the near future. Policymakers need to find alternatives to the nation's traditional growth drivers, shift the approach towards a cautious opening up of borders, deploy large-scale fiscal packages, and support the right people. most affected in society.

The World Bank believes Vietnam has a special opportunity to enhance its footprint in the global economy, both in terms of trade and investment. "I don't know what tomorrow is like, but until now, Vietnam is still the brightest star in the world," Stefanie said.