Photo for illustration. (Source: vneconomy.vn)
In its World Economic Outlook report, IMF forecasts economic growth in Asia will be around 6.5%. Some countries have good GDP growth rates such as Singapore 6% (-5.4% last year), China 8% (2.3% last year).
In the group of 5 Southeast Asian countries, Vietnam leads in terms of growth rate of 3.8% (2.9% last year).
The remaining 4 countries of Indonesia, Thailand, the Philippines, and Malaysia last year all saw negative growth, and this year’s growth forecast is also below 3.5%, the IMF said, while forecasting that Thailand will grow at a mere 1% compared to last year's GDP negative growth of 6.1%.
According to the IMF, supply chain disruptions and price pressures are restraining the recovery momentum of economies. As a result, the global growth forecast for 2021 was downgraded to 5.9%, representing a slight drop from the previous figure of 6%, and leaving unchanged the forecast for 2022 at 4.9%..
This organization said the labor force participation in the market remains lower than the pre-pandemic level. Overall, the labor market in emerging and developing countries is more affected than in developed ones./.