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Pham Quang Ngoc, 2009, "Impact of the Global Financial and Economic Crisis on Viet Nam", Conference paper, ILO Regional Office for Asia and the Pacific, 10 March 2009
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Abstract:
The global financial and economic crisis is indeed having impacts on enterprises, workers and families in Viet Nam, contributing to Viet Nam’s worsening economic situation. Among the various global factors, the most important ones are:
The global fuel and food price crisis had a negative impact on consumer price inflation. Inflation in 2008 was 23 per cent (GSO, 2009) – the highest level in the last 17 years. Industrial raw material prices increased by 5.1 per cent in 2008 (EIU, 2008) and contributed to the growing current account deficit. In 2008, the current account deficit sharply widened, especially in the first half of 2008. It robustly grew at USD 2.7 billion per month as compared to USD 1.0 billion per month in 2007 (CIEM, 2008).
In addition to the above factors, the global financial crisis, which started in the United States in the middle of September 2008, is having a deep impact on exports and hence the deficit on the merchandise trade account of Viet Nam.
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