Laos' economy to grow 4.7% in first 6 months of 2024

Reporting on the implementation of the national socio-economic development plan at the 7th Session of the 9th Lao National Assembly, Lao Prime Minister Sonexay Sipandone said that although the regional and international situation has complicated developments, Laos continues to face economic difficulties, but there are also many opportunities and outstanding achievements in national development.

Since the beginning of the year, the Lao Government has focused on implementing the goals in the national agenda on solving economic and financial difficulties such as solutions to control inflation, exchange rates, commodity prices and foreign debt, etc.

Lao Prime Minister Sonexay Sipandone speaks at the 7th Session of the 9th National Assembly of Laos.

As a result, in the first 6 months of the year, the Lao economy has shown a better growth trend, with GDP at 4.7% (about 148,043 billion Kip), reaching 50.4% of the year's plan. The Lao government has also identified and continued to implement many measures in the coming time to maintain currency stability.

“Laos strengthens inflation control by implementing a centralized monetary policy, controlling exchange rates to avoid strong fluctuations, mobilizing foreign currency into banks, perfecting the relevant legal system, and encouraging economic development through credit distribution to businesses,” Lao Prime Minister Sonexay emphasized.

The Lao government expects the country's GDP growth to reach its target of 4.5% in 2024. However, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) forecast that Laos' economic growth this year will be only 4%.

According to VOV

Source: https://baolaocai.vn/kinh-te-lao-tang-truong-47-trong-6-thang-dau-nam-2024-post385241.html