Credit Suisse tips 9 percent growth for Viet Nam in 2007

According to the June 27 report by Credit Suisse bank of Switzerland, the strong growth in Asia is mainly driven by China, Asia’s main economic propeller, tipped to expand by 11.2 percent in 2007.

The bank's regional director for Asia economics, Sailesh Jha, voiced an optimistic view on the future of Asian exports, a key factor in growth, as a pickup in the US consumer spending and Japanese retail sales for the second half of this year is very likely.

"So with this view of recovery in both US and Japanese retail sales, we are fairly optimistic for the outlook for Asian exports," he said.

For the rest of the region, Indonesia's economy is projected to grow by 6.5 percent this year, Singapore at 7.0 percent, Malaysia at 6.0 percent and Thailand at 4.0 percent, the bank’s report said.

Thai economy is expected to pick up in 2008 to develop at 5.8 percent from current gloomy predictions due to sluggish growth and weak domestic demand, Credit Suisse said.(VNA)