|Illustrative image (Source: Internet)
The ADB stated that in the ADOU2019 report which was first published in September, growth projections for Asia were downgraded to 5.4 per cent for the year and 5.5 per cent for 2020.
However, in a supplementary edition of the report published on December 11, the region's GDP growth forecast was lowered to 5.2 per cent in both 2019 and 2020, a decrease of 0.2 and 0.3 per cent, respectively.
The downgrade in the Asian growth forecast by the ADB’s comes amid the growth rates of China and India experiencing a decline as a result of both internal and external factors.
In contrast to the region's downward trajectory, the ADB has given Vietnam an improved GDP growth projection, up from 6.8 per cent to 6.9 per cent for the year, and from 6.7 per cent to 6.8 per cent for 2020.
According to the report, the country’s GDP growth during the first three quarters of 2019 reached 7.0 per cent, the highest level in comparison to the same period over the past nine years.
Private consumption grew by 7.3 per cent, while investment rose by 7.7 per cent thanks to an improved business climate and increased confidence among investors which has led to more foreign direct investment.