Party leader discusses diplomatic ties with Chinese counterpart

Dr Vo Tri Thanh, CIEM deputy head, made the remark at a January 21 conference called '2014 global economic prospects - coping with policy normalisation in high-income countries' held in Hanoi by the CIEM and the World Bank.He said hastening economic restructuring would help Vietnam's main components, including State-owned enterprises and banks, to operate more efficiently and adapt more effectively to environmental issues, especially those resulting from climate change.

After years of recession, international economists have said the global economy shows signs of bouncing back this year, pulled along by recovery in high-income economies.

In addition, growth in developing countries is firming up thanks to the recovery of high-income economies and continued growth in emerging markets, especially China.

However, they said pressure from increasing interest rates and credit bubbles in some countries may impose risks.

The growth rate in East Asia and the Pacific will remain at 7.2 percent in 2014 and see a slight decrease to 7.1 percent in the next two years, said Andrew Burns, an expert on development and global trends at the World Bank.

If this forecast comes true, Burns anticipates that the growth rate will mitigate the vulnerability accumulated during the years of rapid development among middle-income economies.

Economic recovery in high-income nations will propel growth in developing countries, though that growth will be partly hampered by tighter financing and reductions in commodity prices, the WB official said.

 (Source: Nhandan Newspaper Online)