Vietnam may struggle to realise its economic growth target of 6.5% this year as the national economy expanded by only 4% in the first quarter and is predicted to only grow by 4.5% in the second quarter of the year.
GDP target is hard to achieve
The figures were announced in a supplementary report on the country’s socio-economic development for 2011 and planning for 2012.
The government considers economic growth of 4% in the first quarter of 2012 a reasonable return in face of last year’s inflation and unstable macro-economic situation. However, it is also admitted that economic growth and social security might face dangers if urgent measures were not carried out.
The figures have come as no surprise as President of National Assembly Nguyen Sinh Hung commented at a meeting of the Standing Committee in early May that measures to curb inflation would also affect economic growth.
Minister of Planning and Investment Bui Quang Vinh said at the seventh full session of the National Assembly that GDP in the first quarter this year had been lower than most years, excepting 2009. However, Vinh also said this had been the unavoidable consequence of the need to curb inflation and he supported lowering targeted economic growth to 5.5%.
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