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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Vietnam's GDP grows 6.23 percent in 2008 AP - 1 hour 42 minutes ago HANOI, Vietnam - Vietnam's economy is expected to grow 6.23 percent this year, the lowest level in nearly a decade, as the Southeast Asian country grapples with inflation of nearly 23 percent, the highest in nearly two decades, the government said Thursday. Prime Minister Nguyen Tan Dung said the global economic slowdown was to blame for the new figures, but pointed out that things could have been worse. "Growth of 6.23 percent in 2008, which does not meet the National Assembly target, is still relatively high in the face of many difficulties," he was quoted as saying on a government Web site Wednesday. The assembly recently revised its growth target down to 7 percent from the previous target of 8.5 percent, which was the growth rate in 2007. This year's growth was the lowest since 1999 when GDP grew 4.77 percent. Dung predicts a more difficult year ahead because the country will be facing the impact of the world economic crisis. He said an important government task will be to maintain sustainable growth and ensure social welfare. Vietnam's economy has expanded an average of 7 percent a year the past decade, but began overheating last year with inflation skyrocketing and the trade deficit ballooning. The government said earlier this month that it will unveil an economic stimulus package worth nearly $6 billion to maintain growth amid the downturn. Vietnam's consumer price index rose 22.97 percent in the past 12 months, the government said, the highest since inflation hit 67 percent in 1991. The government usually releases economic data before the end of the reporting period based on estimates. Food prices leapt 49.16 percent from a year earlier, prices of housing and construction materials increased 20.51 percent, and transportation prices rose 16 percent, the General Statistics Office said in a statement. Soaring inflation has led to a wave of strikes at factories around the country by workers seeking higher wages. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Sleep pods offer respite from HK's frantic pace of life, workAFP - 1 hour 13 minutes ago SCENARIOS-Australia builds Internet networkReuters - 1 hour 20 minutes ago China detains 59 over 'subversive rumours' in Tibet: state mediaAFP - 1 hour 34 minutes ago Vietnam's GDP grows 6.23 percent in 2008AP - 1 hour 42 minutes ago Japan considering sending warship to tackle pirates off SomaliaAFP - 1 hour 49 minutes ago Most Popular – Asia Pacific Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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