Viet Nam Prime Minister: Here are the 6 most significant economic headwinds

The global economy has recovered in many respects since the COVID-19 pandemic, yet various economic impediments continue to hinder growth.

While speaking at the World Economic Forum’s 14th Annual Meeting of the New Champions in Tianjin, China, Pham Minh Chinh, the Prime Minister of Viet Nam, detailed six of the most significant economic headwinds facing Viet Nam and the global economy as a whole.

The first headwind, Pham Minh Chinh said, is economic recession and inflation. These “exert great impacts on the lives of people,” the Prime Minister said.

Following headwinds include adversities caused by the pandemic, geopolitical competition and the war in Ukraine. The conflict “is jeopardising food security and energy security at a global scale,” Pham Minh Chinh said. “All of us here could feel the impact of this conflict.”

Pham Minh Chinh added that the exposure of developing countries to external crises and climate change are other notable headwinds.

“I believe that these six issues are exerting great impacts on the world,” he said. “Viet Nam is no exception. All of us here in this room can feel the impact.”

Pham Minh Chinh later told the World Economic Forum that revitalizing the private sector, fostering trade and creating new capital flows is key to addressing the challenges facing the global economy. Moreover, international organizations and governments need to facilitate new avenues of growth, diversify global markets and support developing countries, he said.

Pham Minh Chinh made his public remarks while speaking alongside top economic and political leaders including Chris Hipkins, the Prime Minister of New Zealand; Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization; Mia Mottley, the Prime Minister of Barbados; and Zhang Yuzhuo, the Chairman of State-owned Assets Supervision and Administration Commission.

The session, Braving the Headwinds: Rewiring Growth Amid Fragility, can be seen in full here.

“We need to have global solidarity and multilateralism and an entire people approach,” Pham Minh Chinh added during the session.