The International Monetary Fund (IMF) has forecast that the Lao economy will expand 2.2% in 2022 before rising 3.1% in 2023. (Photo: Xinhua/VNA)
Vientiane (VNA) - The International Monetary Fund(IMF) has forecast that the Lao economy will expand 2.2% in 2022 before rising3.1% in 2023.
The IMF's October projection remained unchanged at 2.2%, but thefigure was downgraded from a 3.2% forecast in April, according to an updatedreport released on the IMF website on October 15.
The IMF's downgraded growth for Laos is linked to both externaland internal factors, with the report forecasting that global growth willdecrease from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.
In Laos, the skyrocketing price of fuel and the petrol shortagein May and June have had huge effects on economic activities, notablyagriculture and manufacturing.
Meanwhile, in its recent report released on September 21, theAsian Development Bank (ADB) lowered its 2022 growth outlook for Laos to 2.5%from 3.4% projected in April and to 3.5% from 3.7% for 2023.
The downgrade is linked to supply disruptions and risingcommodity prices, which have increased inflationary pressures.
In addition, the World Bank's East Asia and Pacific October 2022Economic Update also lowered the growth forecast for Laos in 2022 to 2.5% froman earlier 3.8% projection for 2023.
In September, the Lao Academy of Social and Economic Science(LASES) lowered its economic growth forecast for Laos to 3% in 2022, from 4%projected in previous months.
The academy said the downgraded projection of economic growth isdue to slow expansion in sectors relating to consumption, exports, and privateand state investment./.
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The International Monetary Fund (IMF) has forecast that the Lao economy will expand 2.2% in 2022 before rising 3.1% in 2023. (Photo: Xinhua/VNA) 
