ABSTRACT

COVID-19 Policy Response Note #3: Stronger Headwinds Bring New Challenges for the Government   [open pdf - 0B]

From the Key Messages: "[1] With rising global health and economic concerns, Vietnam economy is expected to be significantly affected, even though the COVID 19 [coronavirus disease 2019] health crisis has been so far contained, with only 240 cases of infected people and no registered death as of early April. [2] The World Bank's GDP [gross domestic product] growth forecast for Vietnam has been cut by half compared to pre-crisis projections, with new forecast at 3.0 percent in 2020. Both the fiscal and external accounts are expected to deteriorate, creating a fiscal financing gap of approximately $5 billion that will require new borrowings. [3] The Government's fiscal response--a combination of tax and social protection measures--is expected to attenuate the short-term economic costs associated to the COVID 19 pandemic, but the key challenges will be the rapid and effective implementation of the above measures and preparing the economy for the expected rebound when the health crisis is contained."

Report Number:
COVID-19 Policy Response Note No. 3
Author:
Publisher:
Date:
2020-04
Series:
Copyright:
World Bank Group
Retrieved From:
World Bank Group Open Knowledge Repository: https://openknowledge.worldbank.org/
Media Type:
application/pdf
URL:
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