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Cover Page
Contents
1. Introduction
.3-6
a. Economic
Growth
..3
b. Five phases of Economic
development4-5
c. Link between National Competiveness and Economic
growth.6
2. Main
Body
6-8
3. Conclusion
9-11
4. References
13
..12-13
1. Introduction
a. Economic Growth
Economic growth is defines as an increase in the capacity of an economy
to produce the goods and services as compared with one period of time to
another. Economic growth is basically attached with technological change.
An example of which is the massive growth In the economy of U.S
because of the introduction of internet and the technology which brought
the whole U.S economy to grow enormously.
these
also
considers
the
population
differences.
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In the most recent years, the idea of sustainable development has created
additional features such as environmentally and ecofriendly sound process
should be considered in order to achieve economic growth. (What is
economic growth? Definition and meaning, 2016)
Economic Development
Economic development refers to an increase in the living conditions and
an improvement in the self-esteem needs of the citizens of a country.
Economic development basically refers to the sustained, actions of
communities and policymakers that enhance the living standard and
economic health of a specific locality. Economic development can be
measured by the Human development index which considers the literacy
rates & life expectancy which in turn has an instant impact on the
productivity
that
could
lead
to
the
economic
growth.
(Economic
development, 2012)
It is quite possible to have economic growth with the economic
development which is an increase in the GDP but most of the people dont
see much of a difference or improvements in the living standards.
(Pettinger, 2011)
13
13
although the number of industries remains small. Under such phase the
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could take the decisions accordingly which could help them to achieve
2. Main Body
a. According to the Global Competitiveness report, 2015-2016,
there is a table mentioned in which all the countries are listed
according to their current stages of development. In that
report, Vietnam exists at the transition from stage 1 to stage 2
meaning that the country is moving from traditional society to
pre-conditions to take off. There was a lack of access and
awareness of science and technology in the country but now
the country is moving towards adapting better science and
technology measures and changing their attitudes towards
risk
taking,
science
and
profit
earning.
Vietnam
is
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13
7. The second last and the 9th pillar under the efficiency
looking
forward
to
the next
phase of
the
be
accessible
because
according
to
the
Global
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3. Conclusions:
a. Inclusive Growth
Inclusive growth is basically an economic growth which
creates an opportunity for all the segments of the population
and distributes the dividends of the increased prosperity i.e.
both in monitory and non-monitory terms. In many countries,
people have not seen a rise in their incomes for so long.
Therefore, the gap between rich and poor has been widened
significantly. Rising inequality in income and in wealth is a
very major concern but the truth is that money is one aspect
of peoples wellbeing. In every aspect of life, whether it is
education, life expectancy or the employment prospects, the
success is determined by our socio-economic status, wealth,
age, sex or the place where we live, money plays a vital role in
our life. (OECD, 2016) Inclusive growth is basically a concept
that
advances
participants
equal
during
opportunities
economic
growth
for
with
the
the
economic
benefits
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Not only this but the country has focussed on providing more
jobs to the people living in rural areas due to which the
unemployment rate has also been decreased in the recent
years. The government has also emphasized in providing
medical care to the needy and the government has even
supporting labour intensive manufacturing and small medium
enterprises (SMEs) and household businesses (HHs). In a
nutshell, it can be concluded that the current economic
development and growth of Vietnam is considered to be an
inclusive one and the government is making the best of its
effort to achieve a higher stage in the phases of economic
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4. References
13
OECD (2016) Inclusive growth - Organisation for economic Cooperation and development. Available at:
http://www.oecd.org/inclusive-growth/
Chung, D.T.K. (2015) Inclusive Growth in Vietnam. Available at:
http://www.adb-asianthinktanks.org/sites/all/themes/webmateresponsive-theme/knowledgeresources/Inclusive%20Growth%20of
%20Vietnam_Chung.pdf
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