Vietnam declared to have weathered economic crisis

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Hanoi Times English - 44 month(s) ago 2 readings

Vietnam declared to have weathered economic crisis

The Hanoitimes - Vietnam has weathered the economic crisis, says to the Organisation for Economic, Co-operation and Development (OECD).

According to OECD’s recent report o­n the Southeast Asian Economic Outlook, the average economic growth rate of six ASEAN countries including Vietnam, Indonesia, Malaysia, Thailand, Singapore, and the Philippines is estimated at 7.3 percent in 2010.

The figure will be around 6 percent in the next five years, the report says.

Kiichiro Fukasaku, an economist at the OECD Development Centre in Tokyo, said the global economic crisis was an opportunity for the Southeast Asian countries to review their development strategies and set new goals.

The regional alliance and effort by each country’s will promote a more balanced growth in ASEAN, he said.

OECD also urged ASEAN countries to promote exports, upgrade their infrastructure, reduce transportation costs, and develop a system of financial policies to support their development goals.

According to the organisation, Vietnam is predicted to reach the highest economic growth rate of 7.1 percent in the 2010-2015, followed by Indonesia (6.6 percent), Malaysia (5.5 percent), Thailand (5.2 percent), Singapore (4.7 percent), and the Philippines (4.6 percent).

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