Vietnam's 2016 Economic Growth Seen Below Target at 6.3-6.5 Percent: Minister
Hanoi. Vietnam's economic growth this year is expected to be under target at 6.3 to 6.5 percent, after weakness in mining and agriculture dragged on third quarter growth.
Adverse weather, including drought in the coffee belt and salination in the Mekong Delta, have put the brakes on Vietnam's rapid growth which hit the fastest pace since 2008 last year at 6.68 percent.
The government has targeted growth this year at 6.7 percent but has also raised concerns of missing the target given unfavorable conditions and amid tight monetary and fiscal policies.
"Economic growth this year is expected at 6.3-6.5 percent, but very likely it's 6.3 percent," vice minister Dao Quang Thu was reported by the government news website as saying at a meeting on Friday (30/09).
The economy next year is expected to grow 6.7 percent, with exports growing an estimated 6-7 percent, while inflation is seen around 4 percent, the report said.
The ADB has lowered its annual growth forecast for Vietnam this year to 6 percent, from 6.7 percent projected earlier. The World Bank in July trimmed its 2016 forecast to 6 percent.
Inflation in 2016 is expected to be within target of under 5 percent, the government report cited Thu as saying.
Reuters
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