Reporting on the implementation of the national socio -economic development plan at the 7th Session of the 9th National Assembly of Laos, Lao Prime Minister Sonexay Sipandone said that despite complicated developments in the regional and international situation, 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.
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 will continue 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% for the whole year of 2024. However, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) forecast that Laos' economic growth this year will be only 4%.
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