Join        Login             Stock Quote

Vietnam's economy to grow 5.8 pct in 2010: UN agency forecasts

Wednesday, May 12, 2010 10:21 AM

HANOI, May 12, 2010 (Xinhua News Agency) -- The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said here Wednesday that Vietnam's economy is forecast to grow 5.8 percent this year, still lower than the pre-crisis levels.

UNESCAP made the forecast in its report titled "Economic and Social Survey of Asia and the Pacific".

In the face of the worst global economic downturn in the region, Vietnam's economy showed relative resilience compared to other economies in the Southeast Asian region, Pham Lan Huong, Acting Director of Department for Macroeconomic Policy and Integration Studies under the Vietnam's Central Institute for Economic Management, told a press conference Wednesday here.

However, the growth of Gross Domestic Products (GDP) during the first quarter of 2010 reduced to 5.8 percent from 6.9 percent in the first quarter of 2009.

According to UNESCAP, one of the grave challenges facing Vietnamese economy is the increasing inflationary pressures.

Vietnam's inflation this year is forecast to rise to 10.3 percent, the second highest level among Southeast Asian countries, next to Myanmar which is forecast to be as high as 10.4 percent, said Huong.

Last year, Vietnam's inflation stood at 6.88 percent.

UNESCAP also reported that due to increased government spending and reduced tax revenue, Vietnam's deficit soared from 4.5 percent of GDP in 2008 to 8.2 percent last year, one of the highest percentage of its kind in the region.

(Source: iStockAnalyst )


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.