Prime Minister names global economic headwinds at WEF

The Prime Minister made the call while delivering his remarks at the first session of the World Economic Forum (WEF)'s 14th Annual Meeting of the New Champions, which is themed "Braving the Headwinds: Rewiring Growth Amid Fragility" in Tianjin, China, on June 27. 

The headwinds, as Prime Minister Pham said, include global economic recession and rising inflation; lingering consequences of the COVID-19 pandemic; and geostrategic competition. 

Other headwines are the conflict in Ukraine that threatens food security and global energy; limited capacity of developing countries to adapt and withstand external shocks; and complicated and unpredictable developments of climate change, natural disasters and epidemics as part of those headwinds. 

It is necessary to ensure that people should be approached as the center, driving force, subject, resource and goal of development, Pham highlighted. 

He called on nations to focus on recovering production, creating more jobs, and boosting trade and investment. 

International organizations, financial institutions and big countries need to put in place policies to unlock resources, activate new growth drivers in terms of digital transformation, green growth, circular economy, market diversification, and fight against protectionism, especially giving priority to underdeveloped and developing countries, suggested the Vietnamese leader. 

The Prime Minister also called for appropriate solutions to promote supply and demand via monetary and fiscal policies, enhance trade and investment liberalization, and reduce energy and food prices. 

He warned against politicizing economic relations and held that measures should be taken to minimize factors that hinder global development and address disputes. 

Pham underlined the necessity of fostering public-private cooperation and creating favorable conditions for businesses, especially small and medium-sized enterprises. 

Viet Nam will continue to concentrate on realizing three strategic breakthroughs in terms of infrastructure, institution and human resources, with the standpoint of not sacrificing social justice, progress and security and environment to pursue economic growth, said the Prime Minister.

The nation will continue creating the most favorable conditions for international and domestic businesses and improving its investment and business environment, asserted Pham. 

He recommended international organizations, including the WEF and its members to support Viet Nam in terms of technology, finance, human resource training and modern governance to help the nation achieve its socio-economic development targets.

The session featured Børge Brende, WEF President; Chris Hipkins, Prime Minister of New Zealand; Mia Amor Mottley, Prime Minister of Barbados; Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; Pham Minh Chinh, Prime Minister of Viet Nam; and Zhang Yuzhuo, Chairman of the State-owned Assets Supervision and Administration Commission.

During the discussion, the speakers dove into the critical topic of fostering economic growth in the face of various challenges and navigating the forces fueling economic decoupling./.