Problems to the Vietnamese economy in 2010 arising from effects of the global financial crisis and recession

  • Trương Đình Tuyển

Abstract

The fifteenth of September, 2008 marks the worst crisis ever seen in the last 80 years after the Great Depression 1929-33. In fact, the crisis took place earlier, in the summer of 2007, but in that day, declaration of Lehman Brothers Bank bankruptcy shocked the world financial system. Many American and European corporations, such as Bear Steans, Merill Lynch, City Group, Morgan Staley, or AIG, etc. went bankrupt or were on the brink of ruin if they were not acquired, merged or supported by central banks. The NYSE and a series of European and Asian stock exchanges wavered. Since the summer of 2007, some US$35,000 billion have vanished into thin air. Up till now, governments have taken joint actions to rescue the world economy. We have never seen the fact that leaders of the G20, the group of the world leading economies and emerging ones, held three meetings within 10 months to work out measures to rescue the world economy from its crisis. The G20 has replaced the G8 in making the policy on the world economic development. Over US$15,000 billion have been spent rescuing the economy so far.

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Published
2013-12-16
Section
Bài viết