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Experts give recommendations to boost economic growth in new context

Experts gave recommendations to restore aggregate demand and promote growth in the new context at the mid-year macro-economic roundtable in Hanoi on July 11.
Experts give recommendations to boost economic growth in new context ảnh 1Illustrative image (Photo: baochinhphu.vn)
Hanoi (VNA) – Experts gave recommendations to restore aggregate demandand promote growth in the new context at the mid-year macro-economic roundtable in Hanoi on July 11.

Speaking at the event, Assoc. Prof., Dr. Nguyen Thanh Hieu, VicePresident of the National Economics University (NEU), said that Vietnamreported a GDP growth rate of 3.72% in the first half of 2023 – a relatively lowrate compared to the same period of the last 10 years (only higher than the 1.74%in the same period of 2020 - due to serious impact of the COVID-19 pandemic). Disbursementfrom the State budget was estimated at 232.2 trillion VND (9.8 billion USD),equivalent to 33% of the yearly plan, while the capital disbursed from thenon-state sector increased by 2% year-on-year, lower than the 9.5% rise in thesame period of 2022. Registered FDI in Vietnam reached 13.43 billion USD, down4.3% year-on-year.

Hieu said that these figures demonstrate a sharp declinefrom the aggregate demand of the Vietnamese economy. The 6.5% growth target in2023 may be hard to be reached in the context of unpredictable impacts from theworld, and the domestic manufacturing sector yet to fully recover from thepandemic.

This requires the Government, ministries, sectors andagencies to take prompt and appropriate measures to restore the aggregatedemand and develop the economy in the next context, he stressed.

UNDP Senior Economist Jonathan Pincus suggested building acounter-cyclical fiscal policy to stimulate demand amidst slowing globalgrowth.

Specifically, it is necessary to reverse the decline inpublic investment, increase its efficiency, modernise the social welfare systemsuitable for a middle-income country, and make the country’s fiscal policytransparent, he added.

Experts give recommendations to boost economic growth in new context ảnh 2An overview of the roundtable (Photo: nhandan.vn)
Assoc. Prof., Dr. Pham The Anh from the NEU stressed thenecessity to encourage private investment through continuously cutting downlending interest rates and using short-term investment tax credit.

It is essential to control money supply growth around 10%, Anhsaid, stressing the importance of accelerating public investment, with focus oninfrastructure projects, developing social housing, and building new publicschools to meet social needs.

The State should have policies to stimulate consumptionthrough social welfare subsidies for poor households and people who have losttheir jobs; and increase taxable income and reduce value-added tax (VAT) foressential items, the expert said./.
VNA
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