(KPL/VNA) The Lao Government has targeted to achieve an economic growth of 5% and more in the 2026-2030 period.

This target shows the Lao Government's confidence in the recovery of its economy. According to the Lao Ministry of Planning and Investment, in 2024, Laos's Gross Domestic Product (GDP) grew by 4.6%, exceeding the National Assembly's target of 4.5%.

According to its new plan, Laos sets a target that the agricultural sector will grow by an average of 4.4%, accounting for 21.30% of GDP; the industrial sector will grow by an average of 5.1%, accounting for 31.5% of GDP; the service sector will grow by an average of 5.6%, accounting for 36.8% of GDP; while customs - taxation will grow by an average of 3.6%, accounting for 10.4% of GDP. By 2030, GDP per capita in Laos is expected to reach 2,983 USD.

In addition, the Lao Government initially aimed to collect 530.9 trillion LAK ( 24.6 billion USD) in budget revenue, equivalent to 20.5% of GDP. It also set an overall spending limit of 19.6% of GDP over five years, aiming for a single-digit inflation rate and 80% of people gaining access to financial services.

In early 2025, the Lao economy showed signs of recovery amid many challenges and fluctuations in the global economy. In the first quarter of this year, the Lao economy achieved a growth rate of 4.5%. According to the latest report of the Government in May, the country's inflation rate decreased significantly to 8.3% in the month. This is the first time Laos' inflation rate has dropped to single digits since May 2022.

KPL