Developing countries in the East Asian-Pacific region will experience slightly slower rates of economic growth this year, according to the East Asian- Pacific economic update published by the World Bank (WB) in Singapore on October 6.
The Chief Economist of the WB’s East Asia and Pacific Region division said the East Asian economies would grow by 6.9 percent this year and in 2015, down from 7.2 percent in 2013.
The report makes policy recommendations for different countries to address risks and embark on a path of sustainable growth.
The report also discusses long-term structural reforms to help countries maximise the benefits they can reap from the global economic recovery. Key reforms include infrastructure investments, trade logistics improvement, foreign direct investment and the liberalisation of services.
The report also recommends a comprehensive strategy to address issues ranging from early childhood development to higher education and lifelong learning.
WB Chief Economist in Vietnam Sandeep Mahajan highlighted the country’s efforts to restructure numerous economic fields, including the banking sector, State-owned enterprises and infrastructure, especially for trade via air and sea routes.
Mahajan added that Vietnam was in a position to benefit from the global recovery due to its wide-spread exports and its integration into the global supply chain.
He said that Vietnam’s process of economic restructuring was highly complex and required the further development of legal and policy frameworks as well as a strong market.-VNA
The Chief Economist of the WB’s East Asia and Pacific Region division said the East Asian economies would grow by 6.9 percent this year and in 2015, down from 7.2 percent in 2013.
The report makes policy recommendations for different countries to address risks and embark on a path of sustainable growth.
The report also discusses long-term structural reforms to help countries maximise the benefits they can reap from the global economic recovery. Key reforms include infrastructure investments, trade logistics improvement, foreign direct investment and the liberalisation of services.
The report also recommends a comprehensive strategy to address issues ranging from early childhood development to higher education and lifelong learning.
WB Chief Economist in Vietnam Sandeep Mahajan highlighted the country’s efforts to restructure numerous economic fields, including the banking sector, State-owned enterprises and infrastructure, especially for trade via air and sea routes.
Mahajan added that Vietnam was in a position to benefit from the global recovery due to its wide-spread exports and its integration into the global supply chain.
He said that Vietnam’s process of economic restructuring was highly complex and required the further development of legal and policy frameworks as well as a strong market.-VNA
