Illustrative image (Photo: VNA)

In its freshly released Asian Development Outlook (ADO) 2022, the ADB said has also revised the Vietnamese inflation forecast down to 3.5% from 3.8% in September.

ADB experts noted that while the local economy is currently performing well amid global uncertainties, risks to the country’s economic outlook have increased.

The Bank said although local trade continues to expand, there are indicators of weakening global demand for the nation’s exports. Moving forward, growth for 2023 has therefore been adjusted down to 6.3% as major trade partners weaken.

The Bank also lowered its economic growth forecasts for developing Asia and the Pacific amid an increasingly negative global outlook.

Accordingly, the regional economy is set to grow by 4.2% in 2022 and 4.6% in 2023, slightly down from the September respective forecasts of 4.3% and 4.9%.