Vietnam ranks 6th in terms of growth rate in Asia. (Photo: Danh Lam/TTXVN)
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In an article published on finance.yahoo.com (US) on April 4, the growth of Asian economies will improve in 2024, with a forecast of 4.5%, higher than the previous prediction of 4.2%.
Vietnam ranks 6th among the fastest growing economies in the region.
The basis for determining the 20 fastest growing economies in Asia in 2024 includes factors such as real GDP growth rate and per capita GDP growth rate.
Both of these indicators are internationally recognized to measure the health and progress of an economy.
Vietnam ranks 6th in terms of growth rate in Asia. Vietnam’s real GDP growth rate in 2024 is projected at 5.8%. Per capita GDP growth in 2024 is projected at 7.41%.
The economies ranking ahead of Vietnam are: Special Administrative Region of Macao (China) in 1st place; India 2nd; Cambodia 3rd; Bangladesh 4th; Philippines 5th. Following Vietnam in the Southeast Asian region are Indonesia (10); Malaysia (14); Laos (18); Thailand (20)… China in 17th place.
The article also predicts that Asian economies will contribute more than 60% to global growth.
India’s economy is seeing strong domestic demand, and China is spending more on reconstruction and recovery projects after the disaster. These are considered factors driving economic growth in the region.
Moreover, other factors driving economic growth include the positive spillover effects from 2023, the favorable external environment, economic growth in the US boosting demand for technology, and economic policies of major economies such as China and Thailand.
However, the article states that the region’s economic resilience depends on the management of risks.
Asian economies face a number of challenges such as the real estate crisis in China, financial instability in some highly indebted economies, long and inefficient supply chains, and the threat of rising transportation costs.
On the positive side, effective fiscal and monetary policies to manage these threats could further boost the economy./.
