Vietnam’s economy is expected to rebound to 6.5 per cent this year and further expand to 6.7 per cent in 2023 due to the high vaccination rate, trade expansion and continued accommodative monetary and fiscal policies, while China’s economic growth will slow in 2022 and 2023 as domestic demand remains lacklusture despite continued export strength and increased fiscal support according to the Asian Development Bank (ADB).

ADB has also forecast that India’s economy will grow by 7.5 per cent in fiscal 2022 (FY22) and 8 per cent in fiscal 2023 (FY23), supported by increased public investment in infrastructure and a pickup in private investment. The outlook assumes sustained progress in COVID-19 vaccinations and that any new variants of the virus are of limited severity. It also factors in the impacts of Russia’s invasion of Ukraine—primarily higher global oil and commodity prices that will contribute to rising inflation and a widening of the current account deficit.

As for Cambodia, its economy is forecast to grow by 5.3 per cent in 2022 and 6.5 per cent in 2023, thanks to strong merchandise exports and foreign direct investment inflows. Industry output is expected to grow by 8.1 per cent in 2022 and 9.1 per cent in 2023. This growth will also be buoyed by the implementation of the Garments, Footwear, and Travel Goods Development Strategy to raise competitiveness in this segment, according to the Asian Development Outlook (ADO) 2022.

Vietnam’s economy is expected to rebound to 6.5 per cent this year and further expand to 6.7 per cent in 2023 due to the high vaccination rate, trade expansion and continued accommodative monetary and fiscal policies, while China’s economic growth will slow in 2022 and 2023, according to latest reports by the Asian Development Bank (ADB).

Fibre2Fashion News Desk (KD)