Economic growth forecast at 7.2 pct in 2008

Friday, May 9, 2008
Viet Nam is predicted to post gross domestic product (GDP) growth of 7.2% this year, compared with 8.84% last year.
In the most likely scenario forecast by Vietnam's Central Institute for Economic Management (CIEM), the institute also predicted the country's inflation rate of 19.4% and export growth of 26.2% in 2008.
In the most optimistic scenario, the country is forecast to record GDP growth of 7.6%, and inflation rate of 16% downwards, said the CIEM's Vietnam Economic Report 2007.
The report's most pessimistic scenario shows a drop of 6.6% in economic growth, and inflation rate of 22.3% this year.
Next year, Vietnam's inflation rate may fall to 10% downwards, and stay at 5-7% for several years.
The Vietnamese government has proposed the National Assembly of Vietnam, the country's top legislature, to cut its GDP growth target to 7% this year from initial goal of 8.5-9% due to unfavorable changes in the international and domestic markets.
Vietnam is estimated to post an economic growth of 7.4% in the first quarter of this year, compared with 7.8% in the same period last year.