Vientiane (VNA)🅠 – The World Bank (WB) recently forecast that the Lao economy would grow 7 percent in 2016 and 2017, ranking second in Southeast Asia, behind Myanmar.
However, the growth is estimated at only 6.8 percent in 2018.
Senior economist Libo Libuapao from the National Economic Research Institute said the Lao government has revised down the growth rate to 7-7.3 percent from 7.5 percent in 2016-2017 due to the world economic downturn.
Notably, the Chinese economic slowdown also hurt Lao exports to the country as well as reduced Chinese direct investment in Laos.
Earlier, Lao Deputy Prime Minister and Finance Minister Xomdi Duangdi affirmed that the Lao government has set the goal of achieving economic growth at least 7.5 percent per year during the implementation of the national socio-economic development scheme for 2016-2020.
To that end, the agro-forestry sector must grow 3.2 percent, industry up 9.3 percent and services up 8.9 percent annually, and the total capital inflow into Lao projects must reach 27 billion USD during the period.
According to the WB, the Southeast Asian economy this year will expand 5.8 percent from 2015 and 5.7 percent in 2017 and 2018.-VNA
President of the Asian Development Bank (ADB) Takehiko Nakao has reaffirmed the bank’s support for the sustainable development of Laos in the interest of the Lao people.
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Despite uncertainties about weather conditions and State budget revenue collection, the Lao economy is forecast to expand about 7.5 percent in the fiscal year 2014-2015 (October 1, 2014 - September 30, 2015).
As Chair of ASEAN in 2016, Laos is exerting every effort to turn challenges from the year-end establishment of the ASEAN Economic Community (AEC) into opportunities.
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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.
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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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Illustrative image (Source: VNA)
