The Impact of COVID-19 Crisis on Subnational Public Finance : The Case of Danang City
The national economy of Vietnam was affected by the April 2020 lockdown meant to contain the domestic spread of the COVID-19 (coronavirus) virus and subsequent outbreaks in Da Nang and Ho Chi Minh City. Nevertheless, the economy showed exceptional...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/321451636741166223/Vietnam-Fiscal-Update-The-Impact-of-COVID-19-Crisis-on-Subnational-Public-Finance-The-Case-of-Da-Nang-City http://hdl.handle.net/10986/36588 |
| Summary: | The national economy of Vietnam was
affected by the April 2020 lockdown meant to contain the
domestic spread of the COVID-19 (coronavirus) virus and
subsequent outbreaks in Da Nang and Ho Chi Minh City.
Nevertheless, the economy showed exceptional resilience.
Gross domestic product (GDP) grew by an estimated 2.9
percent in 2020, one of the few economies in the world that
grew during the pandemic. At the sectoral level, the
services sector, especially the tourism-related subsectors,
have borne the brunt of the COVID-19 crisis, with
accommodation and catering services dropping by about 15.0
percent in 2020 compared to 2019, while the number of
foreign visitors in 2020 was only 21 percent of the number a
year ago. |
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