Lawmakers approve 2022 GDP growth target of 6-6.5 percent

Earlier, several deputies said it was difficult to achieve the GDP growth target of 6-6.5 percent in 2022. Instead, the 5-5.5 percent growth target was more feasible. Several economic indicators should be revised based on different growth scenarios.

However, the NA Standing Committee said the 2022 GDP growth target was built on the analysis and forecast about the domestic and global situation, including advantages and disadvantages in 2021. The 6-6.5 percent growth target demonstrated the Government’s high determination, with growth scenarios and economic indicators already under thorough consideration. Therefore, the committee suggested the NA retain the growth target in the draft resolution.

The resolution comprises four articles, setting out 15 key development targets, including a GDP growth of around 6-6.5 percent, a per capita GDP of 3,900 USD, the manufacturing and processing sector’s contribution to 25.5-25.8 percent of the GDP, and the average CPI hike of nearly 4 percent.

The legislature basically agreed with tasks and measures proposed by the Government, the Supreme People’s Court, the Supreme People’s Procuracy, and the NA organs. They also asked the Government and relevant agencies to well perform 12 groups of key tasks and solutions.

The groups of key tasks and solutions include flexibly and effectively fighting COVID-19 and restoring socio-economic development; accelerating economic restructuring in combination with renewing the growth model, improving the efficiency, quality and competitiveness of the economy; consolidating and strengthening national defence-security capability together with consistently and firmly safeguarding national independence, sovereignty, unity and territorial integrity, and maintaining an environment of peace and stability, and ensuring political security and social safety and order; and improving the efficiency of external activities, among others.