Laos To Raise Value-Added Tax To Boost Revenue
The Lao Ministry of Finance has pointed to several factors in favor of raising the VAT rate.
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Gross Domestic Product (GDP) Laos
Laos Economy Rising – Freight Train Service Inaugurated Between Shanghai and Vientiane
This train service, which links the China-Laos Railway and the Shanghai-Kunming Railway, will be operated both ways
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Govt To Mobilise More Funds To Repay Debts, Address Fiscal Deficit
The government plans to mobilise 41.15 trillion kip to address the projected fiscal deficit and repay domestic and overseas loans by the end of 2023
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Laos Sets Economic Growth Target Of 4.5% For 2023
Despite the global economic downturn, the National Assembly of Laos has set an economic growth target of at least 4.5% for 2023
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Improve Key Factors To Boost Tourism Industry, Economist Suggests
“Most importantly, more inbound flights should be started and the number of countries eligible for visa-free travel should be increased.”
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ADB Projects Steady Recovery For Lao Economy In 2023
The Asian Development Bank (ADB) believes the Lao economy will see a gradual recovery next year, supported by new investment and higher renewable energy and mining output.
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Lao Economy Projected To Grow At Only 2.2 Percent This Year: IMF
The IMF’s downgraded growth for Laos is linked to both external and internal factors, with the report forecasting that global growth will decrease from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.
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Weak Kip Harming Lao Economy
The currency devaluation is having a damaging effect on the Lao economy, driving up the price of products and creating more hardship for the poor.
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Govt Pledges To Tackle Public Debt, Price Increases
The government has vowed to further address mounting public debt and the vulnerability of the macroeconomy to prevent the country from being dragged into default.
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Economic Recovery In Laos Delayed Due To Rising Prices, Supply Disruptions: ADB
The Asian Development Bank (ADB) has lowered its 2022 economic growth outlook for Laos to 2.5 percent from 3.4 percent projected in April and to 3.5 percent from 3.7 percent for 2023.
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Laos’ Trade Deficit Reaches US$114 Million In July
The main importing countries of Laos include Thailand, China, Vietnam, the United States, and Japan.
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Soaring Prices Put Squeeze On Low-Wage Earners
The year-on-year inflation rate hit 23.6 percent, the highest figure ever recorded since May 2000.
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PM: Govt Mulls Curbs On Imports To Save Foreign Currency
The premier said changes to the quantity of vehicles, alcoholic beverages and other imported luxury items would be considered, so that shrinking foreign currency reserves could be kept for essential goods.
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Govt Eyes 4.4 Percent GDP Growth Despite Economic Woes
The Lao government will aim for Gross Domestic Product (GDP) growth of at least 4.4 percent over the last six months of this year
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Inflation In Laos Higher Than GDP Growth
Inflation in Laos has surged higher than the projected rate for the Gross Domestic Product (GDP), sparking fears among many people regarding the impact on their living standards.
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Laos Recorded Trade Surplus Of US$1 billion In 2021
China topped the list of five main countries for exports with a figure of US$ 2,221 million, and the others were Thailand (US$ 2,187 million), Vietnam (US$ 1,220 million), Australia (US$ 348 million), and Switzerland (US$ 116 million).
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Inflation In Laos Jumps To Highest Point In 15 Months
The prices of goods and services in Laos continue to rise at a rate unseen since August 2020, increasing by 5.27 percent in December last year when compared to the figures for the same period in 2020.
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Govt To Push Businesses To Boost Production For Chinese Market
The government is set to hold talks with business operators to encourage them to produce more of the goods required by Chinese buyers
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Govt Pledges To Reduce Nation’s Debt By 2023
The government has vowed to reduce the total public and publicly guaranteed debt stock to 64.5 percent of Gross Domestic Product (GDP) by the end of 2023.
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Lao Economy Suffering Due To Covid-19 Outbreak
This year’s Covid-19 outbreak has deepened the impacts on Laos’ economy, resulting in business shutdowns, growing health concerns, and falling sales.
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Chinese Investments In Laos Soar, But Little Wealth Is Spread
Not counted is the cost in damage to the country’s environment and Lao citizens’ loss of homes and livelihoods, experts say.
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Laos Records Lowest Trade Deficit, US$24 Million In August
Laos registered a record low trade deficit of US$24 million in August compared to the previous records of the year, with the two-way trade value amounting to US$880 million
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Laos Faces Spiralling Budget Deficit
The escalating deficit will ramp up the government’s public debt burden, posing challenges for Laos in sourcing more funding to address the shortfall.
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Lao Economy Set to Recover If Threats Can Be Contained
While economic growth in the Lao PDR contracted in 2020 for the first time in over two decades, the economy is set to recover in 2021 and in the medium term, provided the impact of the COVID-19 pandemic is contained and business can resume with trading partners
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Lao Govt Confident Of Economic Recovery Next Year
The government is optimistic that the economy will grow by 4-4.5 percent next year despite complex global changes and Laos’ financial difficulties.
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Projected Revenue Shortfall Adds To Nation’s Debt Burden
Laos is undergoing an unprecedented level of macroeconomic stress and the pandemic has worsened an already fragile economic landscape.
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Laos Credit Downgrade Signals ‘Real’ Default Risk As China Looms
Fitch Ratings has downgraded Laos’ rating to “CCC” from “B-,” meaning that the Southeast Asian nation faces “substantial credit risk” and that default is a “real possibility,”
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Fiscal Deficit Ramps Up Pressures On Lao Government
An elevated fiscal deficit will result in growing public debt, which will ramp up pressure on the country’s debt servicing capacity amid the Covid-19 crisis.
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Laos Has Avoided A Major Health Crisis, Yet To Be Immune To Global Economic Downturn
The Lao PDR has so far avoided a major health crisis but has not been immune from the global economic downturn as the COVID-19-induced economic recession has affected the country through multiple channels including tourism, trade, investment, commodity prices, exchange rates, and lower remittances.
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Laos’ Tax Collections Decrease Due To Covid-19 Pandemic And New Tax Law Adjustment
Laos will not be able to achieve the target for tax collections this year due to the Covid-19 crisis and the implementation of the adjusted new tax law.
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COVID-19 To Impact Lao PDR Growth, Debt In 2020: World Bank Report
Between 96,000 and 214,000 additional people are estimated to fall into poverty as a result of the pandemic, jeopardizing past gains.
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Little Laos Teeters Towards Big Debt Crisis
Laos will be hard-pressed to meet its external debt obligations
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Lao Tourism Income To Decline At Least US$350 Million In 2020
Laos is expecting tourism revenues to fall by at least US$350 million (3,111 billion kip) this year with the sector to cut 2 percent off the nation’s gross domestic product (GDP).
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Lao Economic Growth Shrinks Amid Drop in Production, Spending
Economic growth in Laos has slowed as production and consumer spending drop amid fears of a spread of the coronavirus, with growth expected to shrink by about 50 percent
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Bank Lending Slows Amid Economic Downturn
The injection of bank credit into the economy continues to slow despite government measures to improve the investment climate for the private sector.
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Poverty Persisting In Laos Despite Economic Growth
The economic growth rate of Laos is high compared to neighbouring countries and some regional peers, however, this has not seen poverty reduction in the country.
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Laos Maintaining Growth Momentum For 2018, 2019: ADB
The nation’s economic growth is likely to be sustained this year and accelerate next year, while inflation will edge up according to the Asian Development Bank (ADB).
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New State Projects Threaten Budget Blowout
New project proposals for 2018 submitted by State sectors and provincial authorities threaten to incur costs higher than the government’s financial capacity, a senior official has noted.
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Revenue Shortfall Challenges 2018 Growth Target
Revenue shortfall is likely to force the government to maintain state investment in 2018 at the same level as this year, which will pose a challenge in achieving next year’s economic growth target, according to a government report.
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Solid Growth Expected For Laos 2017 And 2018: ADB
Laos’ economic growth is picking up in 2017 and 2018, supported by the expansion of production and sale of electricity, buoyant services sector growth, and construction of the cross-border railway, according to a new report from the Asian Development Bank (ADB).
Gross Domestic Product (GDP) growth for Laos is forecasted to reach
GDP Expected To Grow At 6.8 Percent: IMF
The International Monetary Fund (IMF) has predicted that Laos’ Gross Domestic Product (GDP) will grow at 6.8 percent this year, less than the government’s projected rate of 7 percent.
The IMF Executive Board concluded the Article IV consultation [1] with Laos recently, describing Laos’ challenges in dealing with the current account deficit, falling foreign currency reserves, and growing ….
Laos In Need Of Massive Capital Injection To Drive Economic Growth
Economists warn that Laos will need to take a proactive approach to attract foreign direct investment if the country is to sustain economic growth of 7.5 percent annually over the next five years.
According to a recent government report, Laos will need about 223 trillion kip (US$27 billion), equal to 30 percent of Gross Domestic Product (GDP), over the period ….