Vietnam likely be among Asia’s fastest growing economies next year: WSJ |
Vietnam will likely be among Asia’s fastest growing economies next year, despite a weaker currency and falling foreign reserves, according to a recent article published on the Wall Street Journal (WSJ).
According to the author, Megha Mandavia, after the tough years of 2020 and 2021, Vietnam spent much of 2022 in the sweet spot – still-low inflation and rapid growth.
Times will get a bit tougher now, but the country is poised for fast growth next year – Natixis is forecasting 6.5%, while Capital Economics expects more than 7% – and the weakening currency may help soften the blow from weaker export demand.
The article assessed that the situation could get even trickier for Vietnam if the world slides into a recession. However, thanks to investments in infrastructure, aggressive trade liberalisation and relatively cheap wages, its manufacturing engine remains intact.
Vietnam also has the advantage of starting from an enviable growth position: roaring at 13.7% year on year in the third quarter of 2022 on the back of strong exports to the US.
The author noted that the country has also been partly insulated from the global surge in food prices – it is among the leading rice producers and exporters globally.
World Bank ready to help Vietnam with sustainable economic development |
Vietnam should come up with solutions to bring benefits for short, mid and long-terms, helping the economy to develop stronger towards becoming a high-income country by 2045, said Global Director of the World Bank (WB) Group’s Macroeconomics, Trade and Investment Global Practice Marcello de Moura Stevão Filho.
In a meeting in Hanoi on November 4 with Politburo member, Chairman of the Central Theoretical Council and President of the Ho Chi Minh National Academy of Politics Nguyen Xuan Thang, Filho said short-term solutions to stabilise the economy at the moment could undermine long-term goals.
According to the official, there are many ways to develop a sustainable economy in a long term and Vietnam has taken proper actions so far.
He said the WB is ready to work with the country to build Vietnam Report 2045, adding that it will strive to seek necessary resources to conduct the study in the coming time.
Thang said Vietnam advocates addressing immediate issues like culture, economy, politics, security and external affairs in order to create a premise for dealing with long-term matters.
Ensuring security, welfare and health of people is always the goal in every step and policy of Vietnam, he said, adding that it requires huge resources to deal with both social and economic development issues.
Thang also stressed the need to protect a peaceful environment and achieve harmonious, sustainable development in a changing world as inflation, natural disasters, floods and epidemics are affecting economic growth of many countries, including Vietnam.
Economist: The Sudanese program is balanced and real if implemented correctly
The expert in economic affairs, Raad Twij, said that Prime Minister Muhammad Shia Al-Sudani presented his new government program, “which is balanced, real, and feasible”, calling for the help of influential economists to implement this program . “The new government inherited great economic files that are the accumulations of previous periods, where the economic aspect was neglected, as we see in the failure to implement the white paper, and the deterioration of the level of economic consultations, which requires opening executive and advisory economic windows to change the economic reality in Iraq,” noting: The new Sudanese government program is balanced, real, and feasible.”
He pointed out that “the Sudanese program presents a new economic reality that will reflect positively on the country’s economy, if implemented correctly, especially what the World Bank expects of high growth rates for the Iraqi economy in 2023, equivalent to 4%.”
The economist predicted: “Iraqi economic growth rates will rise more than 4%.” link
Parliamentary calls for the government regarding the budget: boost revenues and reduce expenditures
A member of the Parliamentary Finance Committee, Nazim Al-Shibli, called on Saturday, the government of Prime Minister Muhammad Shia Al-Sudani to expedite sending the draft budget law for the next year to the House of Representatives.
Al-Shibli said in an interview with “Information”, that “the budget for the year 2023 should be a budget for services in which it enhances revenues and reduces expenses.”
He added that “there is a tendency by the Parliamentary Finance Committee to establish a special fund for each governorate aimed at activating basic services such as health, education, roads and bridges.” Al- Shibli pointed out that “the budget should include plans to support strategic projects,” noting that “the Financial Management Law stipulates that the budget must be submitted in mid-October.”
He takes his mechanism in voting and approving. link
Source: Dinar Recaps
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