(Photo: www.nhandan.com.vn)

The UN Economic and Social Commission for Asia and the Pacific has announced the 2012 edition of the region’s Economic and Social Survey. It is the oldest and most comprehensive annual review of economic and social development in the region. Launched at a ceremony in Hanoi on Wednesday, the report reveals that in the first four months of this year, Vietnam’s macro-economic indexes were much more stable. This was attributed to a sharp fall in inflation, a credit debt surplus, a gradual drop in  interest rates, a stabilize foreign exchange rate, and a rise in foreign currency reserves. According to the report, in 2012, Vietnam is expected to grow at a similar rate around 5.8%, and keep the inflation rate at a single figure. But Vietnam also needs to diversify its economy, create more jobs and increase domestic consumer spending. If this is achieved, Vietnam should increase productivity, generate more jobs and reduce poverty levels. The best way is to increase agricultural productivity, and focus on expanding non-agricultural occupations  is to increase domestic demands for agricultural produce, and continue to develop the sector by applying new technologies, and providing easier access to loans.