The unemployment rate in Laos skyrocketed to 20 percent in 2020, a 10.6 percent increase compared to the figures for 2017, and the global Covid-19 outbreak was the main factor for the sharp increase in the number of jobless in the country.
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Laos reported a record US$729 million in imports and exports in October this year, with the value of exports put at US$347 million and the value of import calculated at US$382 million.
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The Lao government has pledged to remove barriers and further improve the business climate in a bid to attract more investment from Laos and foreign countries.
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The Lao government has announced that it will manage and address public debt in various ways as it seeks to ease the country’s financial tensions.
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Laos is undergoing an unprecedented level of macroeconomic stress and the pandemic has worsened an already fragile economic landscape.
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The country is still facing a huge trade deficit
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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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Lao Prime Minister Thongloun Sisoulith just announced the following tax measures to reduce the impact from COVID19 on SME’s
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Thailand is preparing to restrict some aspects of daily life after the country’s biggest spike in coronavirus cases, further damaging one of Asia’s weakest economic outlooks.
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Economic growth in Laos is expected to remain stable this year and next, supported by the expanding agriculture, energy, industry and services sectors, says a new Asian Development Bank (ADB) report.
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