GDP reassessment results used from 2021

gdp reassessment results used from 2021

Sumary of GDP reassessment results used from 2021:

  • How will the use of the GDP reassessment in building the goals in the 2021-2030 Socio-Economic Development Strategy and the 2021-2025 Five Year Plan affect the macro indicators of the economy?.
  • In 2018, GSO conducted a GDP reassessment in order to more fully reflect the economic situation of the country, thereby having a better basis for proposing and building policies and plans in line with the right development objectives and orientation..
  • Therefore, the GDP reassessment results have been used by the Government to develop the Socio-Economic Development Strategy 2021-2030 and 2021-2025 Plan..
  • However, the GDP growth rate increased slightly (from 0.13% to 0.48%), so it did not affect the GDP growth target according to the proposed socio-economic development strategy and plan..
  • The reassessment of GDP size leads to changes in relevant macroeconomic indicators such as the ratio of State budget revenue and expenditures on GDP, the ratio of State budget deficit to GDP, or the ratio of public debt, government debt and foreign debt on GDP..
  • The review and reassessment of GDP scale helps State agencies, enterprises and production and business units to have the most complete and authentic information to make accurate and appropriate decisions, while exploiting and maximising resources for production and socio-economic development..
  • Decisions on increasing government spending or increasing public debt are decided by the people and the National Assembly, based on the country’s real socio-economic development and international context and in line with clear, transparent processes and regulations..
  • We – the GSO – think that all decisions related to the budget and public debt will be carefully and thoroughly considered by the authorities for the sustainable development of the country..
  • The reassessment also creates a significant increase in the total value of GDP and GDP per capita, thereby affecting the orientation of socio-economic development in the next phases..
  • In which, the main changes are in GDP per capita, while other indicators have not changed significantly compared with the economic development orientation in the Resolution of the 12th National Party Congress..
  • In the old GDP scale, GDP per capita in 2020 reached US$2,780 and by 2025 GDP per capita will increase by 1.4 times, reaching nearly US$4,000..
  • The target of reaching GDP per capita of about US$5,000 by 2025 is determined on the basis of the re-evaluated GDP scale in accordance with the nation reality of socio-economic development in recent years, and at the same time compared with countries with similar conditions as well as regional and international development trends..
  • The orientation on average GDP growth target to reach about 6.5-7% per year in the 2021-2025 period, as set by the Resolution of the 13th Congress, is unchanged from the growth target of the previous period..
  • As analysed above, the Resolution of the 13th Congress orients the main socio-economic development targets in the 2021-2025 period that are built on the basis of the re-evaluated GDP scale, in which, the average 5-year GDP growth rate of about 6.5 to 7% is unchanged compared to the economic growth target of the previous period…

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