Bloomberg outline unexpected expansion of national economy amid COVID-19 outbreak
|Bloomberg outline unexpected expansion of national economy amid COVID-19 outbreak (Photo: Bloomberg)|
The article reports that the domestic economy recorded unexpected growth in the second quarter, though at its slowest pace over the course of the last decade, as exports slumped due to the COVID-19 pandemic.
The article quotes statistics released by the General Statistics Office that the nation’s GDP rose by 0.36% on-year, in comparison with a revised figure of 3.68% from the first quarter. The median estimate taken from a Bloomberg survey of economists was for the country’s GDP to suffer a drop of 0.9%.
Although the nation’s export-reliant economy has taken a knock due to the virus disrupting global supply chains and hurting demand, it is still likely to remain as one of the better performers in Southeast Asia for the duration of this year, according to the information stated in the article.
This comes after Prime Minister Nguyen Xuan Phuc said last month that the national economy could sustain growth of between 4% and 5% for the year with the Government striving to attract additional foreign investment from businesses who are seeking to adjust their supply chains.