Laos’ economic growth outlook stable for 2019, 2020
Economic growth in Laos is expected to remain stable in 2019 and 2020 – backed by the expansion of the agriculture, energy, industry, and service sectors – according to the Vientiane Times’ quoting of the latest report of the Asian Development Bank (ADB) on April 4.
Vientiane (VNA) – Economic growth inLaos is expected to remain stable in 2019 and 2020 – backed by the expansion ofthe agriculture, energy, industry, and service sectors – according to the VientianeTimes’ quoting of the latest report of the Asian Development Bank (ADB) onApril 4.
The Asian Development Outlook (ADO) 2019forecasts Laos’ gross domestic product (GDP) growth to remain at 6.5 percent overthe next two years.
Laos’ industrial production is anticipated toedge up slightly to 8.1 percent in 2019 from 8.0 percent in 2018, mainly due tosustained infrastructure development and increase in electricity generation.
The agriculture sector is expected to expand by2.5 percent this year and next, while the service sector is expected to grow by6.7 percent, thanks to the government’s efforts this year to attract touristsfrom China and neighbouring countries.
Inflation is projected to remain at 2 percent inboth 2019 and 2020 as global oil prices are forecast to be lower than 2018 andfood prices remain subdued due to the recovery in agricultural production.
The current account deficit is expected to widento 9.5 percent of GDP in 2019 and 10 percent in 2020.
The ADB report also reminded of potential risksthat Laos’ economy could be up against, such as the uncertain global tradingenvironment and natural disasters. –VNA
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A corner of Vientiane (Photo: VNA)
