Laos: Mining sector’s contribution to economy declines
The mining sector's contribution to the Lao economy will continue to drop over the coming years, according to an update on domestic economic prospects in 2018 and beyond of the Lao National Economic Research Institute.
Vientiane (VNA) - The mining sector's contribution to the Lao economywill continue to drop over the coming years, according to an update on domesticeconomic prospects in 2018 and beyond of the Lao National Economic ResearchInstitute.
The output ofthe mining industry, one of the main contributing sectors to the economy, haswitnessed a continued decline.
Despite the mining sector's lower contribution to the economy, economists atthe institute expressed confidence that the country's overall economic growth willrange between 6.5 percent and 7 percent in 2018, one of the highest rates inthe region.
They said themain driving force for the Lao economy will be electricity generation, addingthat a number of hydropower plants have kicked off commercial operations. Theyinclude the Nam Ou 2 and 5, Xekaman 1 and Nam Mang 1.
In addition to hydropower, construction will play a key role in securing thestrong growth of the economy, according to the economists.
Apart from this, the services sector, particularly retail sales, will make asignificant contribution to the economy, the economists said.
Internationalbanks such as the World Bank and Asian Development Bank recently released theireconomic projections, and their reports were in line with the forecast of theinstitute.-VNA
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