HCM CITY — Challenges such as bureaucratic obstacles, land clearance issues and project implementation delays must be overcome for HCM City to reach its growth target of 7.5-8 per cent for 2024, said a city official. The city would particularly focus on expediting public spending, boosting consumption and resolving the challenges faced by businesses in 2024, he said. Over the years HCM City has seen rapid urbanisation and economic development, leading to increased demand for public services and infrastructure. The city’s economy is expected to rebound in the second quarter and achieve 8 per cent growth in 2024, according to the HCM City Macroeconomic Report: 2023 Results and 2024 Forecast, which was released recently. In 2023, the city’s growth was only 5.81 per cent, significantly down from over 9 per cent in 2022.
