HANOI, March 10 (Xinhua) -- Vietnam is expected to lose 0.41 percent of its GDP this year under the impact of the COVID-19 outbreak, Vietnam News Agency cited the Asian Development Bank (ADB) as reporting on Tuesday.
That is the estimate in "the worst case," in which the outbreak is more protracted with precautionary behavior and restrictive policies remaining in place for six months and there is a large decline in both consumption and investment growth.
The epidemic will have a significant impact on developing Asian economies through many channels including sharp declines in domestic demand, lower tourism and business travel, along with supply disruptions as well as health effects, the report said, adding that the magnitude of the economic losses depends on the way the outbreak evolves, which is still highly uncertain.
Vietnam achieved a GDP growth of 7.02 percent in 2019, up from the annualized target of 6.6-6.8 percent, according to the country's General Statistics Office.
