Italian media outlet describes Vietnam as “new tiger in Asia”
VOV.VN - Italian media outlet La Repubblica recently published an article outlining Vietnam as a new tiger in Asia based on the World Bank’s 7.2% GDP growth forecast for the country this year.
According to the latest East Asia and Pacific (EAP) Economic Update in October titled “Reforms for Recovery” launched by the WB, the EAP’s economy this year could reach 3.2%, before going on to expand 4.6% next year.
However, Vietnam is forecast to lead the EAP region with a growth rate of 7.2%, a rise from the growth forecast of 5.3% set back in April.
Furthermore, the growth rates of other regional countries such as Malaysia, the Philippines, Indonesia, and Cambodia are projected to be 6.4%, 6.5%, 5.1%, and 4.8%, respectively. Due to the publication of these figures, La Republica commented that the new Asian tiger for this year will be Vietnam.
Think tanks largely attribute Asia's growth momentum to the end of COVID-19 restrictions, the reopening of borders, and the resumption of consumption and industrial production.
The hike in commodity prices caused by the global energy crisis has also impacted several of the region's export-driven economies.