Vietnam: The Global Economy and Macroeconomic Outlook

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Source:  Sanjay Kalra, “Vietnam: The Global Economy and Macroeconomic Outlook”, Journal of Southeast Asian Economies, Vol. 32/1 (Apr 2015).

Abstract: After almost a decade of high growth, Vietnam’s growth rate fell during 2011–13. Since 2001, the country has also experienced two bouts of high inflation, booms and busts in equity and real estate markets, and episodes of large capital inflows and outflows. Against the backdrop of the global economy, this paper provides an account of macroeconomic developments in Vietnam during 2011 to 2013, examines the imbalances that came to a head in 2011, the macroeconomic stabilization achieved during 2012 to 2014, and the outlook and challenges going forward. The paper concludes that successfully designing and implementing a broad set of policies — staying the course on macroeconomic stabilization, while accelerating the pace of structural reform significantly, and integrating into the global economy — will allow Vietnam to further advance the remarkable gains that it has already made in poverty alleviation and achieving its Millenium Development Goals.

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