Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments

Global economic activity is showing little sign of improvement in 2016, but growth in the emerging East Asia and the Pacific remains resilient. In Vietnam economic activity moderated in the first half of 2016, mainly due to the impact of a severe d...

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Main Author: World Bank
Format: Report
Language:English
en_US
Published: World Bank, Hanoi 2016
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2016/07/26575455/taking-stock-update-vietnams-recent-economic-developments-special-focus-promoting-healthy-productive-aging-vietnam
http://hdl.handle.net/10986/24922
id okr-10986-24922
recordtype oai_dc
spelling okr-10986-249222021-05-25T08:50:40Z Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments World Bank economic outlook economic reform demographics elderly pensions Brexit drought textile exports fiscal policy labor productivity economic growth Global economic activity is showing little sign of improvement in 2016, but growth in the emerging East Asia and the Pacific remains resilient. In Vietnam economic activity moderated in the first half of 2016, mainly due to the impact of a severe drought on agricultural production and slower industrial growth. GDP is projected to grow by 6 percent in 2016 with inflationary pressures contained and the current account in balance. The fiscal deficit is projected to remain high this year but then tighten over the medium term, reflecting the government’s fiscal consolidation plans. The baseline outlook is subject to external and domestic risks. The speed of demographic transition in Vietnam poses new challenges for policymakers, employers and citizens, some of them urgent. There are also significant challenges for healthcare and aged/long-term care systems. The health delivery system will require a fundamental reorientation towards more emphasis on primary care and reduced reliance on hospital care in order to manage the increase in non-communicable diseases exacerbated by aging. There will need to be reforms of human resource policies and programs for the health sector, requiring new graduate and post-graduate training programs for general practitioners, as well as retraining of existing cadres. Reorientation to primary care and case management will also benefit from reforms in provider payment mechanisms for health services, strengthened gate-keeping modalities to control unnecessary hospital usage and admissions, and improved coordination of care across levels of the health system. There will also be a need for efficiency improvements in areas such as pharmaceutical procurement and prescription practices, as well as greater focus on managing conditions of age such as dementia. Growing demand for aged care will also require proactive public policy, with an emphasis on home- and community-based care and defining of appropriate roles for the state, the private sector, communities and households. 2016-08-24T16:29:27Z 2016-08-24T16:29:27Z 2016-07 Report http://documents.worldbank.org/curated/en/2016/07/26575455/taking-stock-update-vietnams-recent-economic-developments-special-focus-promoting-healthy-productive-aging-vietnam http://hdl.handle.net/10986/24922 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Hanoi Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Vietnam
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic economic outlook
economic reform
demographics
elderly
pensions
Brexit
drought
textile exports
fiscal policy
labor productivity
economic growth
spellingShingle economic outlook
economic reform
demographics
elderly
pensions
Brexit
drought
textile exports
fiscal policy
labor productivity
economic growth
World Bank
Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
geographic_facet East Asia and Pacific
Vietnam
description Global economic activity is showing little sign of improvement in 2016, but growth in the emerging East Asia and the Pacific remains resilient. In Vietnam economic activity moderated in the first half of 2016, mainly due to the impact of a severe drought on agricultural production and slower industrial growth. GDP is projected to grow by 6 percent in 2016 with inflationary pressures contained and the current account in balance. The fiscal deficit is projected to remain high this year but then tighten over the medium term, reflecting the government’s fiscal consolidation plans. The baseline outlook is subject to external and domestic risks. The speed of demographic transition in Vietnam poses new challenges for policymakers, employers and citizens, some of them urgent. There are also significant challenges for healthcare and aged/long-term care systems. The health delivery system will require a fundamental reorientation towards more emphasis on primary care and reduced reliance on hospital care in order to manage the increase in non-communicable diseases exacerbated by aging. There will need to be reforms of human resource policies and programs for the health sector, requiring new graduate and post-graduate training programs for general practitioners, as well as retraining of existing cadres. Reorientation to primary care and case management will also benefit from reforms in provider payment mechanisms for health services, strengthened gate-keeping modalities to control unnecessary hospital usage and admissions, and improved coordination of care across levels of the health system. There will also be a need for efficiency improvements in areas such as pharmaceutical procurement and prescription practices, as well as greater focus on managing conditions of age such as dementia. Growing demand for aged care will also require proactive public policy, with an emphasis on home- and community-based care and defining of appropriate roles for the state, the private sector, communities and households.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
title_short Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
title_full Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
title_fullStr Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
title_full_unstemmed Taking Stock, July 2016 : An Update on Vietnam's Recent Economic Developments
title_sort taking stock, july 2016 : an update on vietnam's recent economic developments
publisher World Bank, Hanoi
publishDate 2016
url http://documents.worldbank.org/curated/en/2016/07/26575455/taking-stock-update-vietnams-recent-economic-developments-special-focus-promoting-healthy-productive-aging-vietnam
http://hdl.handle.net/10986/24922
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