Economic Update – COVID-19 outbreak weighs on GDP growth
- Vietnam’s 1Q20 real GDP grew 3.8% yoy, the slowest 1Q growth pace in a decade, as all sectors are affected by the COVID-19 outbreak.
- Vietnam’s headline inflation eased to 4.9% yoy in Mar 2020 (vs. 5.4% in Feb) as transportation costs fell 2.62% yoy, thanks to low oil prices.
- We expect Vietnam’s GDP growth to stay low in 2Q20F before a strong rebound in 2H20F.
- We cut our 2020 GDP growth forecast to 5.0%, from 6.0% previously.
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