Vietnam seeks IMF help to assess non-observed economy
Vietnam seeks IMF help to assess non-observed economy
Vietnam is seeking support from the International Monetary Fund (IMF) in assessing and measuring its non-observed economy, which accounts for a large proportion of the country’s gross domestic product (GDP).
Speaking at a meeting with IMF Resident Representative in Vietnam Jonathan Dunn in Hanoi today, February 13, Prime Minister Nguyen Xuan Phuc said that IMF’s experience would help Vietnam measure its non-observed economy accurately and reliably in the context of clouds over the global economy becoming “darker by the day,” as described by IMF Managing Director Christine Lagarde.
Dunn spoke highly of Vietnam’s development and economic policies in recent years, especially its improved resilience to economic shocks.
The IMF representative noted that he would convey the Vietnamese PM’s suggestion to IMF leaders and that the country’s GDP would be measured more accurately with IMF’s consultancy. According to Dunn, even the calculation of Vietnam’s formal economy would be more accurate.
Dunn, who became IMF’s Resident Representative in Vietnam in 2015, will end his four-year tenure ahead of schedule to take up the post of head of the IMF Regional Office for Asia and the Pacific and to support Japan at the upcoming 2019 G20 Osaka summit, according to the Vietnam News Agency.
PM Phuc spoke highly of Dunn’s contributions to the development of Vietnam and congratulated the IMF representative on his new position. The PM expressed hope that Dunn would continue his efforts in promoting cooperation between Vietnam and the IMF.
According to the Organization for Economic Co-operation and Development, the non-observed economy comprises production activities that are illegal, underground, informal or otherwise missed by the statistical system.
