On 10th November 2009, in the continuation of former Public Policy and Development Seminars, the 6th seminar entitled “Transforming the Rebound into Recovery: A World Bank East Asia and Pacific Update” was held at University of Economics and Business - VNU.
The seminar was chaired by Mr. Ivailo Izvorski, Lead Economist of East Asia and Pacific Region - World Bank (WB).
The 6th Public Policy and Development Seminar attracted many domestic and international economic specialists, together with the attendance of Leads of Faculty of Development Economic, lecturers and students of University of Economics and Business - VNU.
Mr. Ivailo Izvorski opened the seminar by an overview introduction of economic recovery process of East Asia region after the last crisis. Through data and real situations, Mr. Ivailo Izvorski showed that East Asia region has been in the quickest and most obvious recovery compared to other regions of the world. The speaker also emphasized China’s leading role in regional and international economic recovery. Performing as the second ranking country regarding export and one of the leading countries in terms of consumption, China helped the export of East Asia increase remarkably.
Mr. Ivailo Izvorski refered to transforming process, from the rebound into economic recovery of East Asia region. Especially, he emphasized the roles of financial aid packages provided by Governments of countries in this area. Vietnam ranks second (only after Singapore) regarding the intensity of these packages (considered as 1% of GDP) in 2009. The WB Lead Economist also emphasized the importance of development strategy in the present period. He recommended reforming the economy in order to improve and meet the domestic requires; accelerate regional and global integration. He also referred to existing risks of these countries, including slow economic growth leading to slow export of East Asia countries, the declination of foreign current (mainly US Dollar), other capital source relating issues and “economic bubbles”.
Following was the discussion chaired by Mr. Izvorski and Dr. Vu Quoc Huy (Dean of Faculty of Development Economics) which expanded to debate about Vietnam’s economic situation in the last period. Almost attendees agreed that Vietnam has performed positive signs in post-crisis recovery. However, Vietnam’s economic growth in the future is still dependent notably on the Government’s operation in inflation, exchange rate declination, or reduced financial packages. Mr. Izvorski believed that Vietnam could increase more, because it has not appeared in regional producing network.
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Download full report of World Bank on East Asia and Paficic Region here