(KPL) Prime Minister Thongloun Sisoulith has pointed out difficulties and shortcomings facing the economy in a report presented at the 7th Ordinary Session of the National Assembly’s 8th legislature in Vientiane on Jun 5, 2019.
Prime Minister Thongloun Sisoulith said that although the national economy grew at a rapid rate of 6.5% in the past four months, it was slower than the rate recorded in recent years.
“Slower economic growth resulted from lower contribution of energy, mining and agriculture as the latter has been affected by natural disasters,” said PM Thongloun Sisoulith.
“I have observed that the current slow-paced economic growth is a common phenomenon that usually takes place when our country is in the process of economic restructuring, especially when we are trying to decrease reliance on investments in the energy and mining sector, foreign loans for investment in basic infrastructure development which brings about low economic outputs,” said the Prime Minister.
Revenue collection in the first four months reached 6.32 trillion kip, representing 24 per cent of the target set for 2019 fiscal year, with a revenue deficit of 347 billion kip.
Yet, the Prime Minister said revenue collection in the first six months of the year is expected to reach 50 per cent of the current annual plan.
Though the service sector enjoyed a growth in the first four months, the tourism sector experienced a slight decrease of 0.5 % as compared to the same period last year. Only over 1.06 million foreign visitor arrivals were recorded in the first four months. The figure represented 25 per cent of the target for 2019.
KPL
