Taking Stock, July 2013

World Bank

Taking Stock, July 2013

Autores

World Bank

Editor

Hanoi

Descripción

The global economy appears to be transitioning toward a period of more stable albeit moderate pace of growth. Global Gross Domestic Product (GDP), which slowed in mid-2012, is recovering and a modest acceleration in quarterly GDP is expected during the course of 2013. In the developing world growth remains solid, but there are some signs of easing. More than four years after the financial crisis started, global industrial output is only 5.3 percent higher than its pre-crisis peak. While the global financial market conditions continue to improve, eventual phasing out of quantitative easing in advanced economies is beginning to worry investors. The improvement in financial conditions can be seen in lower yields on long-term debt, higher stock market returns and near-record flow of gross capital to developing countries. Vietnam's economy is experiencing its longest spell of slow growth since the onset of economic reforms in the late-1980s. Real GDP grew by 5 percent in 2012, the lowest level since 1998. The economy extended its slow growth into the first half of 2013, registering a growth rate of 4.9 percent in the first quarter and 5 percent in the second quarter. This is the first time that Vietnam has experienced two consecutive years of sub-5 percent growth in the first half of the year since it started publishing quarterly GDP. In fact what had distinguished Vietnam from other countries is its ability to recover rapidly after an economic shock-be it during the East Asian crisis in 1999 or the global financial crisis in 2009. However, Vietnam has found it harder to take timely and decisive actions to jumpstart its economy from the current growth slowdown. Vietnam is the only large developing country in the East Asia and Pacific region other than China whose post-crisis growth rate has been lower than its pre-crisis level.

Palabras clave

ACCESS TO BANK, ACCOUNTING, ACCOUNTING STANDARDS, ADVANCED ECONOMIES, AGRICULTURAL COMMODITIES, ASSET MANAGEMENT, ASSET PRICES, AUCTIONS, BALANCE OF PAYMENTS, BANK ASSETS, BANK CREDIT, BANK LENDING, BANK LOANS, BANKING SECTOR, BANKING SYSTEM, BANKRUPTCY, BASIS POINTS, BENEFICIARY, BOND FLOWS, BOND ISSUANCE, BOND MARKET, BOND SALES, BOND YIELDS, BONDS, BORROWER, BORROWING COSTS, BROAD MONEY, CAPITAL ACCOUNT, CAPITAL BASE, CAPITAL FLOWS, CAPITAL INVESTMENT, CDS, CENTRAL BANK, CENTRAL BANKS, COLLATERAL, COMMERCIAL BANK, COMMERCIAL BANKS, COMMODITY, COMMODITY PRICES, CONFLICT OF INTEREST, CONSUMER PRICE INDEX, CONTINGENT LIABILITIES, COOPERATIVE BANK, CORPORATE BONDS, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE REFORMS, COST OF CAPITAL, COUNTRY DEBT, COUNTRY RISK, COUNTRY RISKS, COUPON RATE, CREDIT DEFAULT, CREDIT DEFAULT SWAP, CREDIT GROWTH, CREDIT INFORMATION, CREDIT INSTITUTION, CREDIT INSTITUTIONS, CREDIT MARKET, CREDIT POLICY, CREDIT QUALITY, CREDIT RATING, CREDIT RATING AGENCY, CURRENCY, CURRENT ACCOUNT SURPLUS, DEBT BURDEN, DEBT PAYMENT, DEBT SECURITIES, DEBTS, DECLINE IN INVESTMENT, DEPOSIT, DEPOSITS, DEREGULATION, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DISCLOSURE OF INFORMATION, DISCOUNT RATE, DOLLAR VALUE, DOMESTIC DEBT, DOMESTIC MARKET, DURABLE, DURABLE GOODS, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, EMERGING MARKETS, EQUIPMENT, EQUIPMENTS, EQUITY CAPITAL, EQUITY FLOWS, EQUITY ISSUANCE, EQUITY MARKET, EQUITY MARKETS, EXCHANGE RATE, EXPENDITURE, EXPORT GROWTH, EXPORT PERFORMANCE, EXPORTERS, EXTERNAL DEBT, FAIR VALUE, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCIAL CRISIS, FINANCIAL FRAGILITY, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL STATEMENTS, FISCAL BURDEN, FISCAL DEFICIT, FISCAL DEFICITS, FISCAL DISCIPLINE, FISCAL POLICIES, FOOD PRICES, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTORS, GLOBAL CAPITAL, GLOBAL CAPITAL MARKETS, GLOBAL ECONOMIC PROSPECTS, GLOBAL ECONOMY, GLOBAL FINANCIAL MARKET, GLOBAL TRADE, GOVERNMENT BONDS, GOVERNMENT BUDGET, GOVERNMENT OWNERSHIP, GROSS DOMESTIC PRODUCT, GROWTH RATES, HOLDING, INCOME TAX, INDEBTEDNESS, INFLATION, INFLATION RATE, INFLATIONARY EXPECTATION, INFLATIONARY EXPECTATIONS, INFLATIONARY PRESSURES, INFORMATION DISCLOSURE, INITIAL PUBLIC OFFERING, INITIAL PUBLIC OFFERINGS, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATES, INTERNATIONAL BOND, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INVENTORIES, INVENTORY, INVESTING, INVESTMENT BEHAVIOR, INVESTMENT RATE, INVESTMENT RATES, IPO, JUDICIAL SYSTEM, LABOR MARKET, LEGAL FRAMEWORK, LEGISLATIVE FRAMEWORK, LIMITED LIABILITY, LIQUIDITY, LIVING STANDARDS, LOAN, LOAN CLASSIFICATION, LOAN PORTFOLIO, LOCAL CURRENCY, LOCAL DEBT, LONG-TERM DEBT, MACROECONOMIC CONDITIONS, MACROECONOMIC ENVIRONMENT, MACROECONOMIC INSTABILITY, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MARKET CONDITIONS, MARKET LEVELS, MARKET PERFORMANCE, MARKET PRICE, MARKET PRICES, MARKET RETURNS, MATURITY, MIDDLE-INCOME COUNTRIES, MONETARY FUND, MONETARY POLICY, MONEY SUPPLY, NON-PERFORMING LOANS, NPL, OIL PRICE, OIL PRICES, OUTPUT, OUTPUT GAPS, OUTSTANDING DEBT, PENSION, PENSION FUNDS, PERSONAL INCOME, POLITICAL STABILITY, PORTFOLIO, PORTFOLIO INVESTMENT, PORTFOLIOS, POST-CRISIS PERIOD, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SECTOR DEBT, RAPID EXPANSION, RAPID GROWTH, REAL ESTATE LOANS, REGULATORY FRAMEWORK, REMITTANCES, RESERVES, RETURN, RETURN ON ASSETS, RISK PREMIUMS, SHARE OF CREDIT, STATE BANK, STOCK MARKET, STRUCTURAL PROBLEMS, SWAPS, TAX BREAKS, TAX COLLECTION, TAX INCENTIVES, TAX RATE, TIME OF MATURITY, TOTAL DEBT, TRADE BALANCE, TRADING, TRANSPARENCY, TREASURY, TREASURY YIELD, TURNOVER, VALUATION, VALUE OF ASSETS, WAREHOUSE, WITHDRAWAL, WORLD TRADE, ZERO COUPON