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Saturday, June 15, 2024

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socioeconomic development

More challenges than opportunities

A report sent to the National Assembly Standing Committee to present an additional review of the implementation of the socio-economic development plan for 2023 and the situation in early 2024 has 27 pages, of which 12 delve into difficulties and challenges the country is grappling with Prior to the National Assembly’s (NA) seventh sitting, which was opened on May 20, 2024, the NA Standing Committee convened its 33rd session to discuss several matters, including the socio-economic performance of the country. The NA Economic Committee released a 27-page report providing an additional review of the socio-economic development plan for 2023 and the performance in early 2024. There are 18 pages of the report addressing issues about the socio-economic development plan for 2024, and 12 of these 18 pages discuss the difficulties and challenges faced by the nation. According to the NA Economic Committee, despite some improvement, gross domestic product (GDP) growth in Q1 had not yet returned to the high-growth path to create breakthroughs for sustainable development or help the country avoid falling into the middle-income trap. Notably, domestic aggregate demand is weak and slow to recover amidst signs of rising inflation. Among traditional growth drivers—consumption, investment and export, only commodity […]
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