MOIT VIETNAM | Lao economy forecast to grow 4.4% in 2022
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Lao economy forecast to grow 4.4% in 2022
Lao economy forecast to grow 4.4% in 2022
The Lao government forecasts the country's economy will grow 4.4% this year, lower than the initial target of 4.5%.
On October 26, 2022, the Vientiane Times newspaper quoted Mr. Oula Somchanmavong - Deputy Director of the Planning Department, Ministry of Planning and Investment as saying that the growth of the gross domestic product (GDP) of Laos in the first quarter of the year. now reached 4.5%, then dropped to 4.2% in the second quarter and 3.8% in the third quarter. The Lao government forecasts that the country's economy will grow 4.4% in 2022, slightly lower than the initial target of 4.5%.
.PNG)
Lao PDR's economic growth has achieved positive results after the country loosened regulations on COVID-19 epidemic prevention and synchronously implemented measures to restore the tourism industry - one of the industries that bring economic benefits to Laos. large revenue for the budget of Laos.
Along with that, the Lao Government has implemented policies to encourage and support the development of the agricultural sector. In addition, industry, especially mining and energy exports, have contributed significantly to the country's economic growth over the past nine months.
However, Laos' economy continues to suffer from external impacts, including the effects of the global recession, the conflict in Ukraine, the impact of the COVID-19 pandemic and natural disasters.
The Lao Statistical Office said that the country's annual inflation rate rose from 30.01% in August to 34% in September 2022. According to the Lao Statistical Office, the increase in inflation was caused by a surge in commodities such as food, medicine, fuel and other consumer goods. Rising cost of living has reduced consumer purchasing power and limited input supply, reducing growth prospects for the agricultural and industrial sectors.
The State Bank of Laos recently announced, banning money exchange shops affiliated to commercial banks from selling foreign currency from November 1. This latest step of the State Bank of Laos aims to regulate and control foreign currencies, in the context of the kip continuing to depreciate. Foreign currency is used to import priority items such as fuel, essential goods, etc.
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