The COVID-19 pandemic is the largest economic shock for the past 35 years, posing risks in the health and economic sectors, Stallmeister added. About 30 million workhands, equivalent to half of the country’s workforce, have been affected by the pandemic.
The report argued that Vietnam should not envision a return to the old normal, but rather should define what will be the new normal as the pandemic has changed in so many ways how people live, work, and communicate.
The main challenge for Vietnam will be finding new drivers of growth to consolidate the expected recovery.
The WB report put forward three lines of action for Vietnam, which are to gradually reopen the country to international visitors, focus on fiscal policy, and support the rebound of hardest-hit businesses.
Stallmeister forecast that Vietnam’s GDP growth could reach 2.8 percent in 2020 and 6.7 percent in 2021./.