The publication was part of the recent National Scientific Conference “Vietnam’s Economy in 2023 and Prospects for 2024: Promoting Aggregate Demand for Economic Growth in the New Context”. The conference was chaired by the National Economics University, in coordination with the Central Economic Committee and the Economic Committee of the National Assembly.
The publication has a three-part structure. Part 1 (Vietnam's Economy in 2023) studies an overview of Vietnam's economy in 2023. This part includes the following contents: world economic developments in 2023; overview of Vietnam's economy in 2023 through economic sectors (real economic sector, monetary and financial sector, budgetary and financial sector).
Part 2 (Aggregate demand status and the role of aggregate demand in growth) aims to assess the aggregate demand status and its components as well as the impact of aggregate demand components on growth. This part includes: an overview of Vietnam's aggregate demand; the status and role of the investment component; the status and role of the consumption component; the status and role of the import-export gap component.
Overview of the publication launch.
Part 3 (Economic Outlook 2024 and Policy Recommendations) presents the world and Vietnam economic outlook in 2024; provides general macroeconomic policy recommendations and policies to promote aggregate demand components for economic growth in the new context.
As co-editor of the publication, Prof. Dr. Pham Hong Chuong, President of the National Economics University, commented that 2023 is considered one of the most difficult years for the Vietnamese economy in recent years. We have faced many risks and uncertainties from the international context such as weak global growth, high global inflation, tight monetary policies in many countries and especially increasing geopolitical tensions in many places around the world.
Vietnam's growth rate in 2023 is still far from the pre-COVID-19 period, in which the most prominent is the weakening of aggregate demand and important components of aggregate demand such as consumption and investment, especially the quality of growth has not improved.
According to Mr. Chuong's analysis, aggregate demand plays an important role in determining the level of economic activity and employment in the economy. A decrease in aggregate demand indicates that the economy is at risk of recession. This seriously affects the overall growth of the economy, causing consequences such as decreased production, increased unemployment, reduced income and spending of the people, etc.
Therefore, restoring aggregate demand is an important task for Vietnam, requiring the Government and relevant Ministries, Departments and Sectors to urgently take appropriate, timely and appropriate measures to consolidate growth drivers from aggregate demand, thereby restoring aggregate demand and developing the economy in the new context, emphasized Prof. Dr. Pham Hong Chuong.
He expected that the analysis and evaluation of scientists, representatives of ministries, departments, branches, associations and enterprises would bring many practical values. Many recommendations would be distilled to send to the National Assembly and the Government on policy orientation and solutions to promote sustainable economic growth in the new context.
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