World Economic outlook vietnam economic growth rate 2011 ; Vietnam's economic growth slowed to 5.9 percent in 2011, falling just short of the government's target, official estimates on Thursday showed as the country's leadership struggles to balance the economy.
The communist government, which took measures this year to stabilise an economy facing a complicated mix of challenges including an inflation rate above 18 percent, had aimed for full-year growth of six percent in 2011.
The country's 2011 growth figure is down from roughly 6.8 percent in 2010, when the economy accelerated at its fastest past in three years. "This growth is quite high and reasonable as the country has struggled this year with inflation as a top priority," the General Statistics Office (GSO) said in a year-end report.
Gross domestic product expanded throughout the year, growing 6.1 percent in the final quarter of 2011, the GSO said.
Shifting away from a long-time focus on growth, the government announced in February steps to address double-digit inflation, a yawning trade deficit and downward pressure on its currency.
Vietnam's inflation is among the world's highest, reaching 18.13 percent in December year-on-year with food costs the main driver and hitting an average rate of 18.58 percent for the year, according to earlier GSO figures.
Pledging that fighting inflation is top of the agenda, the government this year raised key interest rates, vowed to cut state spending by 10 percent, and ordered that growth in credit, or loans, stays below 20 percent.
Among other measures it is also trying to control the gold trade and reduce the prevalence of US dollars in the economy. Prime Minister Nguyen Tan Dung, quoted by Vietnam News last week, said controlling inflation will remain one of the main national priorities of the country's socio-economic development plan for 2012.
The government said it aims to achieve GDP growth of 6 to 6.5 percent in 2012. In a rare bit of good news for the economy, soaring exports helped shrink Vietnam's trade deficit to $9.5 billion in 2011, the lowest level in a decade, official estimates showed Wednesday.
No comments:
Post a Comment