MOIT VIETNAM | Laos’ Economy Grows 4.7% in the First Half of 2024
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Laos’ Economy Grows 4.7% in the First Half of 2024
In a report on the implementation of the national socio-economic development plan presented during the 7th session of the 9th National Assembly of Laos, Prime Minister Sonexay Siphandone noted that despite complex regional and international conditions and continued economic difficulties, Laos has also encountered numerous opportunities and achieved notable progress in its development.
Since the beginning of the year, the Lao government has focused on achieving objectives outlined in the national agenda to address economic and financial challenges, including measures to curb inflation, stabilize exchange rates, control commodity prices, and manage foreign debt.
As a result, in the first six months of the year, Laos has shown improved economic growth, with GDP reaching 4.7% (approximately 148.043 trillion Kip), achieving 50.4% of the annual target. The Lao government has also identified and will continue to implement various measures to maintain monetary stability.
"To control inflation, Laos is implementing a focused monetary policy, managing exchange rates to avoid significant fluctuations, mobilizing foreign currency into banks, and improving related legal frameworks while encouraging economic development through credit distribution to businesses," emphasized Prime Minister Sonexay.
The Lao government anticipates that the GDP growth for the entire year 2024 will meet the planned target of 4.5%. However, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) forecast that Laos' economic growth this year will be around 4%.
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