MOIT VIETNAM | IMF Projected Lao Economy Still Growth 4% in 2024
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IMF Projected Lao Economy Still Growth 4% in 2024
The International Monetary Fund (IMF) maintained Laos' economic growth forecast at 4 percent next year, with two main growth engines: exports and tourism, but inflation remains a challenge for the country's economy.
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According to the Vientiane Times, at a recent press conference on the Asia-Pacific region's economic outlook held in Singapore, Director of the IMF's Asia-Pacific Department, Krishna Srinivasan, stated that the resumption of trade with China, which has a market of 1.4 billion people and is an important trading partner of Laos, helped the country's service sector and retail sales skyrocket, similar to the growth progress of other economies.
The IMF also attributes the growth of Laos' economy to two main drivers of exports and tourism, with the Laos-China railway boosting the regional economy and improving accessibility.
Previously, in its Report on the World Economic Forecast in April 2023, the IMF said that although the world economy is highly volatile, Laos could still achieve 4 percent economic growth in 2023 and 2024.
However, the IMF also noted that Laos' inflation rate remains high. Consequently, curbing inflation will become Laos' main challenge in the near future, amid rising prices of goods and services.
On the other hand, according to the Laos Statistical Office report, the inflation rate in Laos has continuously fallen in recent months. Most recently, Laos' inflation rate fell to 25.69 percent in September 2023, down from 25.88 percent in August 2023 and 27.8 percent in July 2023.
The Lao government is currently working to solve difficult economic problems. On 29 August 2023, Lao Prime Minister Sonexay Siphandone issued a Directive requiring related agencies to work together to resolve the country's economic difficulties, including stabilizing exchange rates, controlling prices, and efforts to resolve foreign debt.
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