Essay: Improving the Economy of Vietnam

Sample Essay

There are a number of measures which would have to be adopted by Vietnam in the near future for the betterment of its economy. It needs to control the inflation level while at the same time tackling the downward pressure on the currency. The GDP forecasted is amounted to be 6.9 percent which is actually down from the previous value of 7.3 percent of last year. The reasons for this have been the smaller levels of credit expansion and the lower level of consumption growth. Inflation is estimated to be around 23.3 percent while the dong is expected to depreciate slightly in 2008.

The current account deficient will be expected to remain negative as well which shows an overall bleak picture of the forecasted economy. In the case of Hong Kong, the fiscal surplus will disappear with the appearance of a deficit of around 0.4 percent of the GDP will be evident and by 2010, the surplus would be recovered.

The GDP growth would be a mere 2.1 percent as a result of the decrease in export volumes and the financial turmoil as well. The current account surplus will be maintained but the export growth will be slower overall. The inflation in 2009 will be about 4.2 percent while by the year 2010 would fall to 3.4 percent.

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