(VOVworld)- The World Bank on Monday released an East Asia Pacific Economic Update. The report forecasts that Vietnam’s economic growth in 2014 will be 5.4%, lower than the target of 5.8% set by the National Assembly. The forecast was made on the basis of the recovering global economy but, with unsteady rates. In such a context, growth in developing countries in the dynamic regions of East Asia-Pacific is forecast to reduce slightly from 7.2% last year to 6.9% this year and next year.
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World Bank experts sad that some countries including Vietnam need to carry out major reforms and in the short term, address pending problems caused by implementing loosened monetary policies and fiscal stimulation. The Vice President in charge of East Asia-Pacific Region of the World Bank Axel Van Trotsenburg urged regional countries to carry out domestic reform programs, eliminate barriers for domestic investment, improve their competitive edge in exports and ensure appropriate public spending. He also urged Vietnam to focus on its competitive edge. According to the report, Vietnam has the appropriate conditions to increase its exports in the near future and this reflects how Vietnam’s economy has integrated into the regional and global value chain.