The Asian Development Bank (ADB) has revised down its forecast on economic growth in Southeast Asia to 4.5 percent compared with a previous forecast of 4.8 percent and from last year's 5.1 percent pace.
Hanoi (VNA) – The Asian Development Bank (ADB) has revised down itsforecast on economic growth in Southeast Asia to 4.5 percent compared with aprevious forecast of 4.8 percent and from last year's 5.1 percent pace.
Growthnext year is seen picking up to 4.7 percent, but still lower than the ADB's 4.9percent estimate in July, the ADB said in its AsianDevelopment Outlook 2019 Update released on September 25.
Accordingto the bank, economic growth in developing Asia remains robust but prospectshave further dimmed and risks to the region’s economies are rising due to escalating trade tension between the United States and China.
The report forecasts economic growth in the 45 countriesof developing Asia at 5.4 percent this year before nudging up to 5.5 percent in 2020, down from the 5.7 percent and 5.6 percent growthforecast in July.
Growthin the region was 5.9 percent last year.
The US-China trade war could well persist into 2020 whilemajor global economies may struggle even more than anticipated, said Yasuyuki Sawada, ADB's chief economist.
Thedispute between the world's two largest economies has dragged on for wellover a year, with both adding tariffs worth billions of dollars on each other’s goods.
The ADB predicts China'seconomy to expand 6.2 percent this year, weaker than its 6.3 percentprojection in July. Growth in the Chinese mainland is projected to cool furtherto 6 percent in 2020. China is targeting 6.0 percent to 6.5 percent growth in2019.
Alongwith weakening trade momentum, the lender also sees declining investment as amajor concern to the region's growth prospects.
DevelopingAsia will also have to deal with slightly higher prices due to rising foodcosts, the ADB said. It raised its 2019 and 2020 inflation forecasts for theregion to 2.7 percent from 2.6 percent earlier./.
The Vietnamese government’s commitment to broad-based economic reforms bodes well for the country’s longer term prospects and look to have it on the path to upper middle-income status, held Khoon Goh, head of Asia Research at Australia and New Zealand Banking Group Limited (ANZ).
Southeast Asian economies will likely face continued external headwinds in the remaining months of 2019 as the US-China trade tensions weigh on the region, according to Nikkei Asia Review of Japan.
The Indonesian government has prepared three scenarios for its national economic growth projection for the next five years to enhance its resilience to threats of global upheavals.
The Asian Development Bank (ADB) has predicted that Vietnam’s economy will maintain healthy growth in 2019 and 2020 at 6.8 percent and 6.7 percent, respectively, after growing robustly at 7.1 percent last year.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
A garment factory in Vietnam (Photo: VNA) 
