MOIT VIETNAM | ADB Forecasts 4% Economic Growth for Laos in 2024-2025
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ADB Forecasts 4% Economic Growth for Laos in 2024-2025
The Asian Development Bank's (ADB) April 2024 Asian Development Outlook report forecasts that Laos will see a 4% increase in its Gross Domestic Product (GDP) for both 2024 and 2025. Growth in the services sector is expected to be bolstered by external demand, with international tourist arrivals projected to reach 4.2 million in 2024, driven by improvements in transportation infrastructure connectivity.
However, macroeconomic pressures continue to pose challenges to the country’s economic outlook. In the first quarter of 2024, Laos experienced a 24.93% rise in overall inflation compared to the same period last year. Inflation is expected to keep rising as businesses adjust prices in response to increased spending due to currency depreciation and rising wages. Consumer prices are projected to increase by an average of 20% in 2024, following a 31.2% rise in 2023. This rate is expected to decrease to 7% by 2025.
Tourism and trade in Laos are also benefiting from the efficient operation of the China-Laos Railway. The entire China-Laos Railway line is actively transporting goods, with cross-border cargo volumes at Mohan Port increasing from 1,000 tons initially to 16,000 tons per day. As of March 31, 2024, the total cross-border cargo volume transported by the China-Laos Railway reached 8.129 million tons, significantly facilitating regional trade.
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