Post recession economic recovery

Asian share markets slid on Wednesday as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar and driving the Chinese yuan to record lows. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7% to its lowest since April 2020 as selling swept across emerging markets. Japan's Nikkei shed 2.1% and South Korean stocks fell 2.4% to a two-year low. Chinese blue chips lost 0.6%. After a steady start, S&P 500 futures got caught in the bearish mood and slipped 0.8%, while Nasdaq futures dropped 1.0%. EUROSTOXX 50 futures fell 0.8%, while FTSE futures lost 0.9%. "It is now clear that central banks in advanced economies will make the current tightening cycle the most aggressive in three decades," said Jennifer McKeown, head of global economics at Capital Economics. "While this may be necessary to tame inflation, it will come at a significant economic cost." "In short, we think the next year will look like a … [Read more...] about Asia markets spooked by recession risks, dollar climbs

Illustrative image (Photo: VNA) Hanoi, (VNA) – A writing published by the London-based Financial Times on September 26 described Vietnam as one of the seven economic wonders of a worried world. It noted in periods of gloom like this one, when commentators see nothing but faults in most countries, it is worth highlighting the few that defy the prevailing pessimism. The seven that stand out in a world tipping towards recession and higher inflation are Vietnam, Indonesia, India, Greece, Portugal, Saudi Arabia, and Japan. They share some combination of relatively strong growth, moderate inflation or strong stock market returns – compared with other countries. The writing said the least surprising name on the list is Vietnam , adding that by investing heavily in the infrastructure required of a manufacturing export power, and opening its doors, Vietnam is growing at nearly 7%, the fastest pace in the world. For the remaining economies, the article also analysed … [Read more...] about Vietnam among seven economic wonders of worried world: Financial Times

Illustrative photo This will contribute to immense Gross Domestic Product (GDP) growth in the coming years, even ensuring that the economic growth in Vietnam remains stable. Attracting hi-tech sector In recent meetings with international investors, the question arose whether Vietnam would be able to escape being hit by a global recession next year, when most countries are grappling with slow GDP growth and rising inflation. Vietnam's economic growth rate has accelerated in 2022. Hence, the World Bank (WB) and the International Monetary Fund (IMF), as well as some other global organizations have recently adjusted, and strongly forecast that the GDP growth in Vietnam may surpass 8 percent this year. This has led investors to ask the reasons behind this as compared to other countries in the region. One reason why Vietnam's economy excels is because the Foreign Direct Investment (FDI) is supporting the manufacturing sector and boosting the complexity of products made in … [Read more...] about Hi-tech manufacturing will boost economic growth in Vietnam

The World Bank (WB) yesterday forecast that the economic growth of developing countries in the East Asia and Pacific region could reach 3.2 percent this year. In its Economic Update Report for the East Asia and Pacific region, the World Bank said that the region's economy this year is forecast to decelerate from the growth rate of 7.2 in 2021, before accelerating to 4.6 percent next year. According to a forecast made in April, the countries of East Asia and the Pacific region could achieve a growth rate of 5 percent in 2022. The outlook for Indonesia was unchanged, at 5.1 percent whereas the World Bank sharply lowered its growth forecast for China from 5 percent in April to 2.8 percent. The Financial Times (UK) has just published an article, saying that in the current gloomy economic period, when experts are forecasting recession and inflation in most countries, there are still some economies that recorded positive developments, in contrast to the overarching pessimistic … [Read more...] about Vietnam’s economy projected with growth rate of 7.2 percent

Customers at a VPBank office in Ha Noi. Interest rate for 12-month deposits at VPBank has increased by 0.5-0.6 percentage point per year compared to last week to range from 6.4-7.2 per cent per year depending on the deposit value. — VNA/VNS Photo Many commercial banks have increased interest rates for Vietnamese dong deposits over the past few days after the State Bank of Viet Nam raised its policy rate by 100 basis points last Thursday. Vietnam Prosperity Commercial Joint Stock Bank (VPBank) has sharply increased deposit interest rates for short terms. Specifically, customers who deposit at VPBank for a term of 2-5 months will enjoy a ceiling interest rate of 5 per cent per year for savings of VND10 billion or more, up 1 percentage point. As for deposits from VND3 billion to less than VND10 billion, the interest rate is 4.9 per cent per year. The rate of 4.8 per cent per year is for deposits from VND300 million to less than VND3 billion. Interest rates for 12-month deposits at … [Read more...] about Commercial banks raise deposit rates after SBV’s adjustment

At the 10th meeting of VOV- PRD Joint Technical Committee (Photo: VNA) Bangkok (VNA) – Radio The Voice of Vietnam (VOV) and the Public Relations Department (PRD) of Thailand agreed on measures to step up cooperation during the 10th meeting of their Joint Technical Committee in Bangkok on August 19. VOV Deputy Director General Ngo Minh Hien and PRD Deputy Director General Sudruetai Lertkasem. It took place at a time when both Vietnam and Thailand have entered the new normal and are on the path of post-COVID-19 recovery and development. They said despite the pandemic, cooperation in radio and television has been successfully maintained. VNA … [Read more...] about VOV, Thailand’s Public Relations Department enhance cooperation