At the consultation (Photo: VNA)Accordingto Dr Tran Thi Hong Minh, Director ofthe CentralInstitute for Economic Management (CIEM), international organizations havemade optimistic, though cautious, assessments on global economic recoverymomentum in 2021.
However, research and policy discussions shared theview that the world economic growth recovery is still under the influence ofthree main risk groups, including complicated developments of the COVID-19pandemic, geopolitical competition, and inflation and debt risks, she went on.
Hanoi speeds up COVID-19 vaccination programme for people (Photo: VNA)Vietnam's economic prospects may be influenced by a number of factors,including the ability to control the COVID-19 pandemic, the disbursement ofpublic investment, and the ability to ensure production recovery, implement anextensive programme on economic recovery and development and take advantage of theglobal economy recovery, Minh said.
The institute proposed three phases in the economicrecovery programme, with the first one (to last until the first quarter of2022) to prioritise pandemic prevention and control in combination withmacro-economic policies to help businesses survive the difficult situation. Thesecond phase will last through 2023, during which macroeconomic policies shouldbe relaxed to stimulate demand for the economy and create momentum for businesses.In the third phase in the years after 2023, macroeconomic policies will benormalized, the macroeconomic foundation strengthened and more intensive economicinstitutional reform promoted.
The institute stressed the need to apply flexibly macroeconomic policies inline with scenarios to cope with adverse developments of the world and regionaleconomy, promote export diversification, encourage new economic models in the domesticmarket, and speed up the implementation of support packages for people andbusinesses.
Minh suggested the National Assembly pay specialattention to law-making work in order to reduce overlap, thus strengthening thelegal framework for production and business activities.
The institute proposes three phases in the economic recovery programme (Photo: VNA)A representative from the World Bank proposed four lessons to accelerate therecovery process in Vietnam and help the country enter the new normalsituation.
The WB underlined the importance of vaccination against COVID-19 along with testingin controlling the pandemic and minimizing economic losses, adding that it isnecessary to find a suitable balance between fiscal policy and monetary policy,and increase social assistance to prevent financial distress among vulnerablegroups and inequality from widening.
Vietnam needs to strengthen its resilience through a strong and flexible socialassistance system, it said, recommending allocating more capital socialassistance programme./.
VNA
