Laos sees economic recovery but challenges remain: WB
The Lao economy is witnessing a gradual recovery from the COVID-19 pandemic, with GDP growth predicted to reach 3.7% this year, up from 2.7% in 2022, according to the latest World Bank economic update issued on November 30.
Vientiane (VNA) - The Lao economy is witnessing a gradual recoveryfrom the COVID-19 pandemic, with GDP growth predicted to reach 3.7% this year,up from 2.7% in 2022, according to the latest World Bank economic update issuedon November 30.
The report, titled Fiscal Policy forStability, projects that the Lao economy will grow at 4.1% in 2024, butchallenges will remain due to skyrocketing inflation, high external debts and alabour shortage.
The economic improvement is largely due tostronger performance in tourism, transport and logistics services, andgreater foreign investment, but the growth rate is lower than was previouslyexpected, according to the WB.
The report shows inflation has increasedconsumption and business costs, thereby reducing household spending on food,education and health. Inflation has also depleted savings, placing manyfamilies at risk of falling into poverty.
The government has taken several steps toimprove its finances by controlling expenditure and increasing domesticrevenues in the first half of 2023.
Economic growth is projected to accelerateto an average of 4.2% in the medium term, led by services and exports andassisted by growing international demand, coupled with Laos’s improvingconnectivity and logistics services.
However, the country's currency Kip is likely to remain underpressure because of high imports and the high demand for foreign currencies torepay debts./.
Laos is making efforts to increase electricity exports to neighbouring countries in Southeast Asia and promoting the development of renewables, with the hope of becoming "the battery of Southeast Asia" in the near future.
Laos aims to attract at least 4.6 million visitors and earn about 700 million USD during Visit Laos Year 2024, which kicked off in Vientiane on November 23.
Officials from the Central Highlands province of Kon Tum's Dak Glei district and Xan Xay and Dak Cheung districts of the Lao provinces of Attapeu and Sekong gathered at a conference on November 23 to review the results of their past cooperation and map out tasks, solutions and plans for partnership in the coming time.
Vietnamese and Lao enterprises signed nine memoranda of understanding (MoUs) spanning a wide range of cooperation fields at a trade connection conference between Hanoi and Lao businesses held in Vientiane on November 24.
Laos plans to amend and supplement certain provisions of the law on drug prevention and control, with electronic cigarettes to be included in the list of substances and precursors classified as addictive.
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Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
A market in Vientiane. (Photo: VNA) 
