Word: inflationitis
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But a funny thing happened on the way to prosperity. Halfway through 2008, Vietnam's authoritarian government finds itself grappling with soaring prices, collapsing markets and an increasingly restive workforce. Inflation, now running at an annual rate of 25%, is eating up much of the gains made by citizens over...
Inflation is causing trouble worldwide, of course, but it's particularly acute in Vietnam, where prices for virtually everything, from food to fuel to housing, have been spiking. Much of Vietnam's recent growth has been driven by its expanding manufacturing sector, but now assembly line workers' salaries are being...
Prime Minister Nguyen Tan Dung told the country's National Assembly on May 31 that the number of households going hungry has doubled in one year. "The government understands and shares with the people," Dung said. "And sees it is their responsibility to try to best curb inflation." So far...
There's little immediate relief in sight, because Africa's farmers face their own inflation problems and can't easily boost output. The FAO predicts that food prices will remain high for years to come, but that galloping price rises will begin to slow down. For poor farmers that is...
Ultimately, solutions will come not from miracles, but from markets. Farmers worldwide are responding to higher prices by boosting output. The FAO predicts that European countries, as well as India and China, will increase harvests this year. As the world begins growing more food, inflation is expected to ease. But...