VIETNAM ON THE ROAD TO OVERCOMING THE ECONOMIC DOWNTURN
V. M. MAZYRIN Candidate of Historical Sciences Vietnam's integration into the global capitalist economy has brought it both great dividends and new serious problems. The growing global crisis has caused a downturn and a threat of stagnation in the country's economy for the first time in the last decade. The Government of the Socialist Republic of Vietnam (SRV) uses quite effective methods of crisis management. GROWING VULNERABILITY OF THE ECONOMY In 2008, due to the impact of the global crisis on the national economy, the government was forced to reduce its expected growth rate from 8-9% to 6.5%. And this is despite the fact that over the past decade, gross domestic product (GDP) Vietnam's GDP grew by an average of 7.5% annually. The steady improvement of quantitative indicators of development led to the fact that the country's leadership began to overestimate the capabilities of the country's economy and allowed it to overheat. At the end of 2008, GDP growth was below the adjusted plan, amounting to only 6.23%, and in 2009, according to the calculations of the International Monetary Fund (IMF), it will fall to 5% and begin to recover only in 2010, when it may reach the level of 6.5 - 7% 1. The first difficulties pointed out by experts and initially ignored by government agencies were evident at the end of 2007, when the global recession had not yet begun. This was due to the deepening integration of Vietnam into the world economy, strengthening the link between the Vietnamese economy and the American one. It has become one of the most export-dependent countries in the world: in recent years, the ratio of foreign trade to GDP has exceeded 160%. Unfavorable economic conditions and, above all, lower consumption in the markets of the United States, the European Union (EU) and Japan, which account for about 50% of Vietnam's exports ($62.9 billion in 2008), led to a marked decline in export-oriented production2. It was also reflected in the fact that after two decades of ... Read more
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China Online · 93 days ago 0 37
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Beijing, China
13.04.2024 (93 days ago)
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