KPL
(KPL/VNA) – The Asian Development Bank (ADB) has revised down its growth forecast for the Lao economy in 2023 to 3.7%, from a 4.0% projection released in April.
(KPL/VNA) –
The Asian Development Bank (ADB) has revised down its growth forecast for the
Lao economy in 2023 to 3.7%, from a 4.0% projection released in April.
According to
the Asian Development Outlook (ADO) September 2023, economic growth in Laos is
forecast to be slower than expected due to weaker growth prospects in China,
and macroeconomic pressures arising from unsustainable public debt and a weak
Lao currency, the kip.
The 2024
growth forecast was kept at 4.0%
Curbing
inflation is among the main challenges to Laos. Though inflation decelerated in
August to stand at 25.88%, down from 28.64% in June and 27.8% in July, the rate
is still among the highest in the region. The Lao Statistics Bureau said the weak
kip is one of the main drivers of inflation.
Lao media
cited ADB Country Director for Laos Sonomi Tanaka as saying that sound
macro-economic management, including stronger coordination across fiscal and
monetary policies, is urgently needed to address the country’s economic and
financial challenges.
KPL
