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Describe any three barriers to economic growth in Vietnam as suggested by Paul Bernard.

seo-qna
Last updated date: 20th Jun 2024
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Answer
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Hint: Vietnam's economy is a socialist-oriented capitalist economy, the 36th largest in the world, measured by nominal gross domestic product (GDP) and the 23rd largest in the world, measured by purchasing power parity (PPP).

Complete answer:
1.Paul Bernard was a prominent writer and policy-maker who firmly felt that the economy of the colonies needed to be established. He believed that the aim of acquiring colonies was to make profits.
2.Bernard indicated that there were many obstacles for economic development in Vietnam including high population levels, poor agricultural productivity, and substantial indebtedness amongst the peasants.
3.In order to alleviate rural poverty and improve farm production, new land reforms must be implemented that are close to those in Japan and industrialization must be initiated in order to create more employment.
4.Bernard suggested that industrialization would provide ample jobs in Vietnam.
5.But no measures were taken to industrialize the economy as it was believed by French colonists that if Vietnam’s economy is established they will fight their colonization in their nation.

According to the Asian Development Bank (ADB), Vietnam's economy showed good growth in 2019 as a result of high domestic demand, strong manufacturing and processing sectors, and high levels of foreign direct investment (FDI).

Note:The macro-economic and fiscal system remains resilient, with an expected GDP growth rate of 1.8 percentages forecast to hit 2.8 percentages for the year in the first half of 2020.