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Laos’ Economy is Expected to Grow 4.7% in the First Half of 2024

Source: Xinhua News

The Lao economy is projected to grow 4.7 percent in the first half of 2024 amid ongoing challenges.

The rebounding tourism industry and services with expanding production are making positive contributions to growth prospects, according to a report presented at the eighth plenary session of the 11th Central Committee of the Lao People’s Revolutionary Party (LPRP).

The meeting held here from May 13 to 17 was chaired by the General Secretary of the LPRP Central Committee and Lao President Thongloun Sisoulith, Lao national TV reported on Monday.

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The meeting discussed the implementation of the socio-economic development plan to date, budget and monetary plans for the first half of 2024, and the National Agendas set in motion to tackle economic and financial hardships and the burgeoning drug trade.

During the meeting, the Lao government was instructed to take action to address high-level inflation, depreciation of the Lao currency the kip, and rising costs, among other financial, monetary, and economic issues.

The meeting emphasized the need to improve the business environment and attract more private investment to drive growth.