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City lowers 2012 growth outlook
Following the failure to achieve this year's economic growth target, HCM City has cut its target for next year to "more than 11 per cent".
City officials, who met for a socio-economic review conference and discuss targets for next year, expressed concern that at least three out of 22 targets were out of reach this year.
Economic growth rate was likely to be only 10.8 per cent against a target of 12 per cent while inflation, targeted at 7 per cent or less for the year, had already topped 12.73 per cent.
Prices resumed a rapid upward trend after slowing down for two months, reaching 1.07 per cent in July. But officials said inflation remained much lower than in Ha Noi and elsewhere.
Thai Van Re, director of the city Department of Planning and Investment, said: "If we do not execute the measures proposed already, we would not achieve well the remaining 19 targets either."
For 2012, however, the city has increased the number of socio-economic targets to 27.
The city had planned this year to maintain average GDP growth through 2015 at 12 per cent, and achieve a per-capita GDP of US$4,800 in 2015.
For this, it had hoped for 13 per cent growth rate by the service sector, 11 per cent for industry, and 5 per cent for agriculture.
But despite the slowdown, the city's economic growth remained high, with industrial output growing at 12 per cent year on year and services at 23 per cent. Exports rose by 21.7 per cent.
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