According to Nikkei Asia, by 2021, Southeast Asian economies aim at regaining their growth momentum as before the COVID-19 pandemic. However, forecasts show that risks are still “lurking”.
Vietnam continues to be forecasted to lead in economic growth in Southeast Asia. In 2020, the country recorded economic growth of 2.9% due to its success in containing COVID-19, in addition to the robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5% this year.
The Japanese media also quoted a report produced by Gareth Leather, senior Asia economist at Capital Economics, who notes that Vietnamese exports should continue to be supported by tariffs imposed by the United States on Chinese goods.
"To avoid US tariffs, importers have shifted demand from China to alternative suppliers. With US-China relations likely to remain strained over the years ahead, this trend is likely to continue,” Leather noted./.