|
IMF forecasts 8 percent GDP for Vietnam
If Vietnam adopts more effective policies, it is likely to achieve an economic growth rate of 8 percent in 2010, says an executive from the International Monetary Fund.
Anoop Singh, IMF Director of the Asia and Pacific Department, made the statement at a press briefing in Hanoi on March 22 after attending a Conference on Post-Crisis Growth and Poverty Reduction in Developing Asia (LINK).
He said the global financial recession has not taken a heavy toll on developing countries in Asia as compared to other countries. Asian countries, including Vietnam, have made a quick recovery thanks to their effective economic policies, continued flows of private capital and development aid.
He said in 2009 the Vietnamese government adopted an economic stimulus package which caused its budget deficit to go up. However, the deficit is expected to fall this year as a result of implementing appropriate financial and monetary policies.
At the press briefing, John Lipsky, first IMF Managing Director, confirmed that the Asian region, including Vietnam, is currently developing dynamically, helping the global economy to bottom out from the crisis.
He quoted international reports as saying Vietnam will continue to achieve positive growth this year, meaning it will completely ride out the crisis.
John Lipsky said Vietnam should not apply a tight monetary policy so quickly and early, but has to increase budget collection and practise thrift to ensure steady growth and keep runaway inflation in check. He said Vietnam should establish a monitoring system to draw up mid- and long-term development plans, and effectively implement the stimulus package to minimise its impact on the people.
To become a middle-income economy, the IMF executive said Vietnam should improve its infrastructure, especially public transport, health care, education, epidemic prevention and social security system, while developing private businesses and attracting foreign investment.
He confirmed that IMF will continue to provide short-term assistance to help Vietnam stabilise its macro economy and trade balance. He said his organisation has increased preferential financial packages for Vietnam, reaching US$3.8 billion in 2009. The figure is forecast to double in the coming years and hit US$17 billion in 2014-2015.
The IMF has developed new institutions to support developing countries like Vietnam, for instance by doubling aid and applying a zero-percent interest rate through the end of 2011, he said.
vietnamnet
|
