Inflation Squeezes Vietnamese Workers
Vietnam recently devalued its currency, the dong, by 9.3 percent against the dollar. Analysts 1 say soaring inflation here makes life harder for many Vietnamese workers.
Consumer prices in Vietnam this January were more than 12 percent higher than they were a year ago, reflecting（反射） rising costs of food, fuel and household goods.
High inflation is putting pressure on workers.
Nguyen Huy Thinh drives a bus in downtown Hanoi. He says he has trouble getting by on his $250 monthly salary. He says that while prices for gasoline and electricity are increasing, his salary stays the same. That makes it hard to support his family.
Despite a decade of strong growth, Vietnam（越南） had a $12.4 billion trade deficit 2 last year, and inflation surpassed 11 percent for the year, despite the government’s attempt to limit it to 8 percent.
To contain inflation and cut the trade deficit, Vietnam devalued its currency, the dong, by 9.3 percent against the dollar earlier this month. The devaluation was the fourth since 2009.
Both Moody's Investors 3 Service and Standard & Poor's downgraded Vietnam’s sovereign debt rating in December after state-owned shipbuilding conglomerate 4 Vinashin defaulted on payment for a $600 million.
Having a lower rating makes it harder for Vietnam to borrow money abroad.
Adam McCarty is the chief economist 5 for the consulting firm Mekong Economics, in Vietnam. He says the economy is not in crisis, but inflation is taking a toll 6 on average workers.
"Normally poorer-than-average people on salaries or pensions are the ones who lose when inflation is high, and then more broadly, the pace of generating new jobs slows down somewhat if the economy’s got trouble," McCarty said.
McCarty said inflation also makes it harder for middle-class Vietnamese to buy property.
Some financial market analysts praise Vietnam for devaluing the dong, saying the new value better reflects prices on the black market, where traders exchange dong for gold and dollars. But other economists 7 have warned that the government may need to do more to cap inflation and protect the economy.(本文由在线英语听力室整理编辑)
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
- The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
- We have a great deficit this year.我们今年有很大亏损。
- a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
- a cash bonanza for investors 投资者的赚钱机会
- The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
- An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。
- He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
- He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
- The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
- The war took a heavy toll of human life.这次战争夺去了许多人的生命。
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》