Southeast Asia Information Port (www.dnyxxg.com) – Against the backdrop of Laos's projected average annual growth rate of 4.24% for the 2021-2025 period, the country's economy is expected to grow by 4.8% this year. This information was presented by Lao Prime Minister Somxay Siphandone in his report delivered at the opening of the 10th session of the 9th National Assembly of Laos in Vientiane, the capital, on the morning of November 10.
Prime Minister Somxay stated that after the outbreak of the COVID-19 pandemic, the Lao government focused on implementing a number of measures aimed at overcoming difficulties and restoring and promoting economic growth. These measures included promoting domestic production to replace imports, developing export-oriented service production, launching pilot mining projects (including some large-scale projects), promoting domestic and international tourism, and expanding credit to support economic recovery. These efforts have helped the Lao economy maintain stable growth momentum over the past five years.
The agricultural sector grew by an average of 2.9%, accounting for 19.4% of GDP, both exceeding the original targets (2.5% and 15.3% of GDP, respectively). Industrial growth averaged 4.7%, accounting for 32.5% of GDP (previously projected at 4.1% and 32.3%). The service sector grew by an average of 4.5%, accounting for 36.6% of GDP (previously projected at 6% and 41.3%).
The main drivers of growth were food production, electricity, mining, processing industries, and transportation. (End)
