The WB recommended that the slowing economic growth in the first quarter needs close monitoring. In the first quarter, the services sector grew by some 7% and contributed 2.9 percentage point to the GDP. This was the 13th consecutive month in which retail sales recorded year-on-year double digit expansion. Both exports and imports contracted by 11.8% and 14.6%, respectively, in the first quarter, the second consecutive quarter of contraction in merchandise trade. In order to support the economy, the State Bank reduced the operating interest rate twice in March, leading to a reduction in deposit and lending rates of commercial banks./.

Source: Viet Nam News April 15, 2023 00:54 UTC