Thursday , November 26 2020

Congress decided to increase GDP by 20% to 6.8%, CPI 4%



Congress unanimously sets macroeconomic targets for 2019.

Congress unanimously sets macroeconomic targets for 2019.

According to the resolution, next year's overall objective remains the top priority of macroeconomic stability, inflation control, improved productivity, quality, efficiency, autonomy and competitiveness. of the economy.

As a result, the National Assembly states that the Gross Domestic Product (GDP) target in 2019 will increase by 6,6-6,8%. Percentage of consumer price growth (CPI) of about 4%. the total export turnover increased by 7-8%. trade deficit compared to total export turnover below 3%. The total investment capital for the development of the whole society is about 33-34% of GDP.

According to the report on receipt of explanations on the draft resolution presented by the chairman of the Economic Committee Vu Hong Thanh, proposed to decide GDP target increased 6.8-7%, other ideas Must maintain from 2018 by 6, 5 to 6.7%.

The Standing Committee of the National Assembly stated that the GDP growth target in 2019 was calculated on the basis of the estimated GDP of 2018 that reached and exceeded 6.7%. With the forecasts and major economic equilibria and the reporting of some international organizations, the government reports to the National Assembly that GDP growth of 6.6-6.8% for 2019 is a guarantee of caution and harmony between growth and containment targets of inflation, continue to provide the basis for macroeconomic stability and solve social problems, Thanh said.

With regard to the consumer price index, the report explained that some suggestions suggest that the CPI under 4%, indicating below 4.1%, not "about 4%".

The Permanent Commission of the National Assembly has said, according to many predictions, that inflationary pressure is rising. Crude oil prices are on the rise, exchange rates, interest rates and risks in financial markets, international currencies are rising, the impact of trade conflicts in some countries. In the meantime, the road map for adequacy, the adequacy of the market mechanism for electricity prices, education services, health care, wage increases continues to apply.

As a result, the goal of raising consumer prices by 4% is appropriate, paying attention to inflation control, but not tightening monetary policy, while at the same time contributing to the goal of maintaining stability. Macroeconomics and stimulating growth. However, it should be noted that GoV's Go Government has adopted Resolution 142/2016 / QH13 on the five-year socio-economic development program 2016-2020 to fight inflation by 3% by 2020.

Regarding the basic tasks and solutions of 2019, the National Assembly called for a focus on capacity building, initiative, analysis, forecasting and monitoring of the international and internal situation, in order to take the initiative to implement the policy. appropriate and timely. To conduct an active, flexible and prudent monetary policy in coordination with fiscal and other macroeconomic policies in order to stabilize the macroeconomic environment and control inflation.

The resolution also requires interest rate management, flexible exchange rates in line with market developments and management requirements. Adjustment of public service prices must go hand in hand with an appropriate roadmap, avoiding the adverse impact on the CPI.

The resolution also underlines the goal of institutional reform as a major achievement, focusing on reviewing and refining mechanisms and policies for creating stronger changes, particularly in the areas of technology implementation. high up. Develop infrastructure systems, in particular the communications and information infrastructure.

Promoting business growth, creating large businesses with high efficiency and competitiveness. To attract selective foreign investment, prioritize the use of high-tech and environmentally friendly, coupled with the development of the supporting industries of domestic enterprises, the resolution said.

The National Assembly calls for increased revenue management from the state budget, drastic measures to combat loss, transport, tax evasion, tax settlement and e-invoicing. Saving in-depth the state budget spending for development investments. Continue to restructure public investment, improve the efficiency of capitalization, check public debt ratios, public debt, external debt.

Promote divestiture, simulate state-owned enterprises, ensure publicity and transparency of activities, and improve the quality of business investment and business production. Promote the role, responsibility and effectiveness of the operation of the Capital Market Commission in the business. Concentrated solution to deal with project losses.

At the same time, it is necessary to focus on the next year to continue building capital markets, money market, real estate market transparent and sound. Early installation of financial centers in large urban areas. Continue to implement and closely monitor the restructuring of credit institutions in conjunction with the management of bad debts, the intensification of cross-ownership supervision and the interactions between commercial banks and businesses.

Phuong Dung


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