Notably, no country in the world has successfully developed without the non-state business sector being the main engine of growth and trade, although many countries have tried and failed. The best protection from weak global governance is effective national governance. In order to minimise the risks of globalisation, the Government would need to avoid developing any unsustainable financial dependencies by strongly promoting much greater reliance on domestic savings to finance development. Moreover, a much safer balance is needed between the pace of reform and the pace of foreign debt financing to better ensure that such financing is effectively invested. Its not just short-term debt that can create instabilities.
All debt eventually becomes short-term debt once it begins to fall due.
Based on real income per capita alone, however, Viet Nam ranks significantly lower at 133 of 174 countries. Therefore, the challenge is to improve the countrys economic performance, while ensuring that everyone is enabled to participate in the opportunities and fruits of development. Sierra Leone is last. Norway, the United States, Japan and Belgium follow Canada at the top. Burundi, Burkino Faso, Ethiopia and Niger complete the bottom five.