Indonesia’s 2020 state budget deficit is likely to further increase to 2.8 percent of the country’s gross domestic product (GDP), much higher than the government’s target, as tax reforms would result in lower revenue collection, according to local economists.
Vietnam is expected to enter the top ten remittances receivers with an estimated amount of US$16.7 billion this year, accounting for 6.4 percent of the country’s Gross Domestic Product (GDP), according to the latest data from the World Bank.
Mr. Nguyen Bich Lam, general director of the General Statistics Office of Vietnam (GSO), said at the press conference held on September 28 that gross domestic product (GDP) of Vietnam in the first nine months of this year was estimated to rise by 6.98 percent over the same period last year, the highest level in the past nine years.
Malaysia posted a gross domestic product (GDP) growth of 4.7 percent in the fourth quarter (Q4) of last year, leading to an overall economic growth of 4.7 percent in 2018, Bernama news agency reported, citing Bank Negara Malaysia (BNM)’s announcement.
Stock market capitalization reached VND3,900 trillion (US$167.75 billion) by December 28 last year, up 12.7 percent compared to the end of 2017, or 72 percent of gross domestic product, according to the Ministry of Finance.
The Ministry of Industry and Trade has issued a commerce development strategy by 2025, setting up the target that retail field will contribute to 15.5 percent of the country’s Gross Domestic Product by 2025.
The Government reported yesterday to the National Assembly that the macro economy remains stable, inflation is controlled under 4 percent, and the annual growth target of 6.7 percent is likely to be achieved. The Gross Domestic Product (GDP) per capita is estimated to reach US$2,400 this year.
Vietnam’s economy continues to show fundamental strength, according to the East Asia-Pacific Economic Update released by the World Bank via a teleconference connecting regional countries, including Vietnam, on October 4.