HANOI, April 3 (Xinhua) -- Vietnam's annual economic growth is expected to slow down to 4.8 percent in 2020 due to the spread of COVID-19, according to a report by the Asian Development Bank (ADB) released Friday.
ADB lowered the growth forecast as the ongoing spread of COVID-19 which could have an impact on the country, creating shocks to both supply and demand in almost every area of the economy, said the report.
The bank also said inflation was projected to rise moderately in 2020 and inflationary pressures could intensify if the pandemic worsens.
A recent World Bank report cut the country's 2020 GDP growth outlook to 4.9 percent.
Vietnam is estimated to have seen a GDP growth of 3.82 percent in the first quarter of this year, the lowest in the 2011-2020 period, according to the country's General Statistics Office.
The country saw a GDP growth of 7.02 percent in 2019, up from the annualized target of 6.6-6.8 percent, and has set a target of a GDP growth of around 6.8 percent this year.