Growth and stability: Lam Dong promotes quality of life for everyone!

Growth and stability: Lam Dong promotes quality of life for everyone!

The economic situation in Vietnam is currently stable Vietnam.vn reported. The government has managed to keep inflation under control and promote growth. In line with national targets, both public debt and budget deficits are well within limits. Accordingly, it can be seen that the material and spiritual life of the population has noticeably improved in recent years.

An important focus is on the growth targets for the future. The government wants to achieve a gross domestic product (GDP) of 8% or more by 2025 in order to enable the transition to double-digit growth from 2026. These ambitions require close cooperation between ministries, branches and municipalities. Prime Minister Nguyen Xuan Phuc emphasizes that we need the determination and responsibility of the political system to achieve these goals.

But what does the international view of the economy say? A look at the global figures shows that the global economy remains resilient overall the Federal Ministry of Economics documented. Inflation is increasingly approaching the central banks' targets. The current forecasts from the International Monetary Fund (IMF) and the OECD expect global GDP growth of 3.3% each for 2024 and 2025. While the USA is characterized by robust economic dynamism, the euro area remains trapped in subdued growth.

Also noteworthy are the different economic developments in Asia. While domestic demand in India and Indonesia supports growth, China's strong export growth falls short of expectations. Nevertheless, there is an interesting development: low growth is forecast for the euro area, with declines in Germany and France. Slight growth is forecast here for 2025, accompanied by an increase in private consumption in Spain.

Global challenges and opportunities

The global economy faces particular challenges with regard to protectionist tendencies. The IMF reports that the number of new trade restrictive measures in 2024 will be five times higher than the 2010-2019 average. This could affect international trade and thus weigh on the growth prospects of many countries. This particularly affects countries that rely heavily on exports.

A further look at the challenges shows that uncertainty in the raw materials markets and geopolitical tensions will continue to play a role. Despite a strange falling oil price, the situation remains tense because raw material prices could rise again.

In conclusion, GDP growth continues globally, although not all regions benefit equally. It remains important for Vietnam to maintain the link between growing economic prosperity and improving the living conditions of the population, according to Vietnam.vn reflects a clear government policy. This is supported, among other things, by promoting science, technology, innovation and sustainable economic transformation.