Economic Development Essay

Pages: 2 (580 words)  ·  Style: MLA  ·  Bibliography Sources: 2  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

Economic Development

The country I have selected is Vietnam. Vietnam is a rapidly developing country, but still predominantly underdeveloped, with a GDP per capita of just $2,800. The global economic crisis is expected to reduce Vietnam's GDP by 4-5% this year, as the country is highly dependent on exports. The economy is still largely dependent on light industry, which accounts for 42.7% of GDP. Services account for 38.4% and agriculture 19%.

Vietnam operates as a mixed economy. Still under Communist rule, Vietnam suffered decades of stagnant growth due to war and then a rigid command economy. Once financial support from the Eastern Bloc dried up, Vietnam's economy struggled. Finally in 2001, they followed China's lead in opening up their economy. The company joined ASEAN, signed a trade agreement with the United States. The result has been a significant boom throughout the 2000s. The government still controls large portions of the economy, but the free market is making significant inroads.

Of the four wheels, Vietnam is especially strong with respect to labor. The country is densely packed, with a population of 86 million people. The population growth rate is nearly 1%, and approximately 1.5 million enter the labor force each year, due to past high birth rates. It should be noted, however, that most of the labor force is still engaged in agriculture, which contributes the least to the economy. Thus, much of Vietnam's labor force is underutilized, representing an opportunity.Download full Download Microsoft Word File
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Essay on Economic Development Assignment

Since the Vietnamese economy was opened, capital has become more accessible. As of January 2008 there was $149 billion in investment capital in Vietnam. The largest sources of investment capital are in order Taiwan ($19.65 billion); Malaysia ($17.783 billion), Japan ($17.158 billion); South Korea ($16.256 billion) and Singapore ($15.438) (VVG,… [END OF PREVIEW] . . . READ MORE

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https://www.essaytown.com/subjects/paper/economic-development/1394908.