Private sector should be economic driver Pham Do Chi Macroeconomic uncertainty is among the biggest problems the country is facing. Efforts are being made to restructure the economy so as to achieve stability. The Saigon Times Daily talked with Pham Do Chi, senior economist of the Star Plus program, former expert at the International Monetary Fund (IMF), on the fundamental issues of Vietnam’s economy. Excerpts: The Saigon Times Daily: There have been production stagnation, high inventories and bankruptcies. And the central bank has signaled interest rate cuts. Vietnam is entering another battle against economic downturn. What is your comment on this? Pham Do Chi: This is true. Concern over high inflation has turned to worry about production stagnation. Stagnant production since the fourth quarter of last year is the price to pay. I’m not surprised at this situation because once the policy on aggregate demand reduction is carried out, inventories will definitely shoot up and retail growth will dwindle, sending enterprises to the verge of bankruptcy and push up joblessness. The greatest challenge at present is how to flexibly combine the policies together to administer a correct dose for inflation while ensure such a dose is not so bitter. The…
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