Laos sees economic recovery but challenges remain: WB
The Lao economy is witnessing a gradual recovery from the COVID-19 pandemic, with GDP growth predicted to reach 3.7% this year, up from 2.7% in 2022, according to the latest World Bank economic update issued on November 30.
Vientiane (VNA) - The Lao economy is witnessing a gradual recoveryfrom the COVID-19 pandemic, with GDP growth predicted to reach 3.7% this year,up from 2.7% in 2022, according to the latest World Bank economic update issuedon November 30.
The report, titled Fiscal Policy forStability, projects that the Lao economy will grow at 4.1% in 2024, butchallenges will remain due to skyrocketing inflation, high external debts and alabour shortage.
The economic improvement is largely due tostronger performance in tourism, transport and logistics services, andgreater foreign investment, but the growth rate is lower than was previouslyexpected, according to the WB.
The report shows inflation has increasedconsumption and business costs, thereby reducing household spending on food,education and health. Inflation has also depleted savings, placing manyfamilies at risk of falling into poverty.
The government has taken several steps toimprove its finances by controlling expenditure and increasing domesticrevenues in the first half of 2023.
Economic growth is projected to accelerateto an average of 4.2% in the medium term, led by services and exports andassisted by growing international demand, coupled with Laos’s improvingconnectivity and logistics services.
However, the country's currency Kip is likely to remain underpressure because of high imports and the high demand for foreign currencies torepay debts./.
Laos is making efforts to increase electricity exports to neighbouring countries in Southeast Asia and promoting the development of renewables, with the hope of becoming "the battery of Southeast Asia" in the near future.
Laos aims to attract at least 4.6 million visitors and earn about 700 million USD during Visit Laos Year 2024, which kicked off in Vientiane on November 23.
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Vietnamese and Lao enterprises signed nine memoranda of understanding (MoUs) spanning a wide range of cooperation fields at a trade connection conference between Hanoi and Lao businesses held in Vientiane on November 24.
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Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
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A market in Vientiane. (Photo: VNA) 
