Viet Nam is forecast to lose some 0.41 per cent of GDP due to the novel coronavirus (COVID-19) outbreak, according to the latest report by the Asian Development Bank (ADB). Under ADB’s report titled “The Economic Impact of the COVID-19 Outbreak on Developing Asia” released late last week, Viet Nam’s damage was much better than that of other Asian countries and economies, ranking ninth after Taipei (0.44 per cent), Singapore (0.57 per cent), Mongolia (0.74 per cent), mainland China (0.76 per cent), Hong Kong (0.85 per cent), Thailand (1.11 per cent), Cambodia (1.59 per cent) and the Maldives (2.05 per cent). According to ADB, there are several channels through which the COVID-19 outbreak will affect economic activity in developing Asia and the world. These include a sharp but temporary decline in domestic consumption in China and other outbreak-affected economies, and possibly investment if the outbreak affects views on future business activity; declines in tourism and business travel; spillovers of weaker demand to other sectors and economies through trade and production linkages; supply-side disruptions to production and trade (which are distinct from demand-side shocks spilling over through trade and production linkages); and effects on health such as increased disease and mortality… Read full this story
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