GSO proposes solutions to complete economic targets in 2022

Illustrative image (Source: VNA)

Hanoi (VNA) – The General Statistics Office (GSO) has given six major measures to successfully realise the socio-economic development targets for 2022, focusing on solutions to overcome difficulties and optimise opportunities, potential and international strengths.

Slow economic growth

At a press briefing on December 29 to announce socio-economic statistics in the fourth quarter of 2021, General Director of the GSO Nguyen Thi Huong said that GDP in the period is estimated to increase by 5.22 percent over the same period of last year, adding that the figure was higher than the growth rate of 4.61 percent of the fourth quarter of 2020 but lower than the average growth rates of the fourth quarters in the 2011-2019 period.

GDP in 2021 is estimated to expand by 2.58 percent from the previous year, as the COVID-19 pandemic has imposed adverse impacts on all fields of the national economy, she said.

Huong said that the industrial production index increased 4.8 percent, while the disbursement of social investment expanded 3.2 percent. The average consumer price index increased slightly by 1.84 percent.

The agro-forestry-fishery sector grew by 3.16 percent; the industry and construction rose by 5.61 percent; and the service sector expanded by 5.42 percent in the fourth quarter.

In the whole year, the agro-forestry-fishery sector increased by 2.9 percent, contributing 13.97 percent to the growth rate of the total added value of the whole economy; the industry and construction sector up by 4.05 percent, contributing 63.80 percent; and the service sector rose by 1.22 percent, contributing 22.23 percent.

In the year, final consumption rose by 2.09 percent against 2020; while accumulated assets increased by 3.96 percent; exports of goods and services hiked by 14.01 percent; imports were up by 16.16 percent.

Labour productivity of the whole economy at the current price in 2021 is estimated at 171.3 million VND (7,398 USD) per worker, 538 USD higher than that of 2020. The labour productivity in 2021 increased by 4.71 percent due to improved qualifications of workers, with the proportion of trained workers with degrees and certificates in 2021 reaching 26.1 percent, higher than the 25.3 percent in 2020.

According to Huong, the risk of slow economic recovery and even economic downturn will remain as long as the pandemic is not under effective control and economic activities are not resumed. Meanwhile, the threats from climate change and natural disasters remain latent.

Safely adapting to COVID-19

Regarding measures to complete socio-economic targets in 2022, the GSO leader stressed the need to continue to efficiently implement Resolution 128/NQ-CP dated October 11, 2021, on the safe, flexible adaptation and effective control of the COVID-19 pandemic, thus protecting the utmost safety of people against the pandemic and removing difficulties for production and business activities at the same time.

She underlined the necessity of maintaining macro-economic stability, controlling commodity prices and ensuring goods supply, as well as major balances of the economy and the flexible design of fiscal and monetary policies.

At the same time, support mechanisms, policies and solutions should continue to be implemented to help people, labourers and businesses to overcome difficulties and recover, she said.

Illustrative image (Source: VNA)

Huong also underlined the need to strongly develop the domestic market and promote sustainable development, together with the restructuring, recovering and boosting the growth of some important sectors and enterprises that have been directly hit by COVID-19, such as trade, services, logistics, transportation, aviation and tourism.

The last solution given by the GSO leader is to strengthen support to domestic firms in digital transformation in all fields, building a digital economy and digital society in a practical and effective manner./.