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Growth in the East Asia- Pacific region is forecast to reach 4.8% this year, down slightly from 5% in 2024, with Vietnam leading the growth and contributing significantly to the overall economic growth of the region, the World Bank said at an online press conference announcing its October update report from its headquarters in the US.
Most of the press conference was devoted to the topic of the economy 's internal capacity. The growth of young businesses and jobs is the driving force for growth. This is an advantage of Vietnam that is different from most other countries in the region.
Vietnam leads in the number of young businesses under 5 years old, contributing to the manufacturing and service sectors. These businesses create about 80% of new jobs for the market, especially in the fields of start-ups, innovation, and high technology.
Mr. Aaditya Mattoo - Chief Economist for East Asia- Pacific , World Bank (WB) assessed: "Vietnam is one of the two countries with the fastest automation speed in the region. Besides, there are more and more skilled and highly skilled workers to meet this transformation. Thanks to that, production capacity is boosted. The process of streamlining the apparatus and efforts to increase the efficiency of the government are extensive reforms that bring greater momentum to the Vietnamese economy".
Elsewhere, the World Bank warns of a paradox facing many countries: Strong economic growth without enough quality jobs. The region’s labor-intensive, export-oriented growth model, which lifted millions out of poverty, is now facing the dual challenge of trade protectionism and automation, so reform is needed.
The October report assessed short-term economic indicators such as retail sales, consumer and business confidence, and weaker exports. As a result, the World Bank forecasts economic growth in the East Asia-Pacific region to slow to 4.3% between now and next year.
Source: https://vtv.vn/viet-nam-thuoc-nhom-dan-dau-tang-truong-dong-a-thai-binh-duong-100251009163112379.htm
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