PM calls for healthy development of capital market and real estate market | National

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Dorsati Madani, senior economist at the World Bank, says the Southeast Asian country’s current challenge is how to balance economic recovery with controlling inflation.

Prime Minister Pham Minh Chinh made the statement while chairing yesterday afternoon a discussion on maintaining macroeconomic stability, controlling inflation, guaranteeing the major balances of the economy and promoting rapid recovery and sustainable development.

According to meeting reports, GDP in the second quarter of 2022 grew by 7.72%, the highest rate in the past 11 years, making a significant contribution to the 6.42% increase in the first 6 months of the year. So far, the consumer price index in seven months has risen 2.54% compared to the same period last year and domestic gasoline prices have been reduced to the levels they had before the Russian-Ukrainian conflict.

In addition, the import-export turnover reached 432 billion dollars. Currently, Vietnam is implementing a socio-economic recovery and development program with a scale of VND 340 trillion (about 4% of GDP), focusing on health care, social security, business support and investment. However, the government has determined that the situation in the coming times will continue to have more difficulties and challenges than opportunities and benefits, so absolutely all ministries and agencies must make more efforts.

After listening to the report quoted by the Ministry of Planning and Investment, the participants of the meeting made recommendations to solve the immediate and long-term problems, stressing that one must always be ready for the resurgence of Covid- 19. Dorsati Madani, senior economist at the World Bank, said the Southeast Asian country’s current challenge is how to balance economic recovery and controlling inflation.

She expressed her hope that Vietnam can grow by more than 7 percent, inflation is around 3.8 percent in 2022, believing that Vietnam’s economy still has plenty of room for development.

According to Mrs. Dorsati Madani, the promotion of economic support programs and the implementation of public investment projects are very suitable for the digital economy, green development, a new model of more sustainable development and the objective of become a developed country in the coming decades. .

Meanwhile, economists Vo Tri Thanh, Tran Dinh Thien and Nguyen Dinh Cung argued for the government’s priority of fiscal policy over monetary policy, such as using VND 40 trillion to prop up interest rates. . Many domestic and foreign experts also agree that inflation in Vietnam is mainly due to cost pressure, the main cause of which is gasoline prices because of the impacts on the world. Therefore, it is necessary to strictly control the prices of raw materials related to gasoline prices.

Speaking during the discussion, Prime Minister Pham Minh Chinh affirmed that the government always asks to listen to the opinions of scientists, managers and international organizations to proactively respond to appropriate policies.

The Prime Minister indicated that he had instructed the Ministry of Planning and Investment to conduct a thematic study on maintaining macroeconomic stability, controlling inflation, guaranteeing the major balances of the economy and promoting rapid recovery and sustainable development on a constant basis.

He stressed that the government will always update developments in the international and domestic situation. At the same time, the country will strengthen analysis and forecasting as well as close and synchronous coordination of policy tools to prioritize inflation control and macroeconomic stability.

By Lam Nguyen – Translated by Anh Quan

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