Wednesday, January 1, 2020

Vietnam s Recovery From The Global Economic Crisis

Vietnam’s recovery from the global economic crisis has been rapid but precarious (WB, 2010). During the economic recession, the Government launched many flexible monetary policies and the economy became less open. Nonetheless, due to failure of macroeconomic policymakers in Vietnam to introduced the stimulus package in time and the failures over the Economic Groups, stability did not return until 2012 (Suiwah, 2015). In 2010, the real GDP growth rate was increased to 6.8% from consecutive deduction since 2007. However, it decreased again in 2011 and 2012 with 5.8% and 5% respectively, and only recovered afterwards (Figure 2). As the world recession spread out, inflation rate in Vietnam kept increasing dramatically, reaching the peak in July 2008. In April 2008, the eight policy packages issued by the Government was implemented, including tight monetary policy, interest rate controls, etc. to curb inflationary expectations and to stabilize the economy (Thanh, 2008). Afterwards, month-on-month inflation seemed to decline, particularly since September 2008, however, inflation still remains high and many enterprises facing difficulties. At the end of 2008 and the beginning of 2009, the global financial crisis was on its borders, demand significantly decreased. The government, therefore, had to switch gears again in late 2008 to tackle the economic activities by embarking a large monetary stimulus package, including interest rate subsidy, tax reductions and additional capitalShow MoreRelatedWhat Does Economist Say About Export Oriented Economy? Essay901 Words   |  4 Pagesnot just from the local market but also searching for opportunities in the international market. The similar can be magnified for a country, where some economies as whole are credit to International demand till a great extent. 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