Da Nang sees minus economic growth for first time in over 20 years

The central city of Da Nang saw its gross regional domestic product (GRDP) for the first half of the year contract by 3.61 percent from the same period in 2019, the first time since the city became a centrally-run locality in 1997.

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Data of the city’s statistics office showed Da Nang’s GRDP in the reviewed period totaled over 51 trillion VND (2.19 billion USD), down 917.6 billion VND year on year, as a consequence of the impact of the COVID-19 pandemic.

As such, the city was ranked 16th out of the country’s 63 localities in terms of the economy’s size, down one place from the 15th position during 2016-2019.

Da Nang is among 12 provinces and cities with minus growth in the first half of the year, and one of the five localities with the lowest growth rate in the country.

The city’s statistics office, in coordination with relevant departments, sectors and research institutes, has developed three economic development scenarios for the second half of the year.

In the worst scenario, the city will see a minus growth for the entire 2020, while the best scenario predicts a growth of 2-3 percent, provided all sectors make concerted efforts.

The restoration of business and production depends on the epidemic situation in countries which are big trade partners of Vietnam./.

VNA