VIENTIANE (Vientiane Times/Asia News Network): The heads of diplomatic missions in Laos have expressed confidence that Laos’ economy will continue to grow despite the many difficulties and challenges that lie ahead.
This was the main message delivered by foreign diplomats to the country’s top leaders and senior government officials during a ceremony held in Vientiane on Monday to mark the 47th anniversary of the establishment of the Lao PDR.
Vietnamese Ambassador to Laos Nguyen Ba Hung, as Dean of the diplomatic corps, led representatives of diplomatic missions in offering their best wishes to Party Secretary General and State President Thongloun Sisoulith, his wife, Prime Minister Phankham Viphavanh, and other senior leaders, as the country prepares to celebrate the 47th anniversary of the founding of the Lao PDR.
“Today, the world is in a difficult situation as the global economy is facing multiple challenges, such as ongoing impacts of the Covid-19 pandemic, high inflation and increasing geopolitical tensions. We welcome the roadmap of reforms initiated by the Lao government which can help to stabilise the economic situation in Laos to create an environment for long-term recovery,” Nguyen Ba Hung said.
The foreign diplomats congratulated Laos on accomplishments in socio-economic development, which has seen continued growth of the economy, political stability, and social order over the past 47 years.
The diplomats noted that the opening of the Laos-China Railway was a milestone in Laos’ history as the country strives to integrate economically with the rest of the world, despite the challenges posed by the Covid-19 pandemic.
President Thongloun highlighted some of the key achievements of the past decades despite the challenges encountered, saying these included the continued growth of the economy, political stability, and social order.
These factors were fundamental in laying the foundation for Laos to graduate from the United Nations’ list of Least Developed Countries by 2026.The President said that none of these accomplishments would be possible without the support extended by friendly countries and the international community.
He reaffirmed Laos’ intention to pursue an unwavering foreign policy of peace, independence, friendship and cooperation, saying Laos wishes to contribute to international peace and cooperation for the purposes of development.
According to figures unveiled at the fifth Plenary Session of the Party Central Committee in October, Laos enjoyed gross domestic product (GDP) growth of 4.2 per cent in the past nine months of 2022 compared to the same period last year, despite the country’s financial and economic woes and unfavourable global conditions.
However, Laos is suffering from spiralling inflation, with the average inflation rate recorded at 19.69 per cent over the past 10 months of this year.
In October alone, prices rose by 36.75 per cent, up from 34.05 per cent recorded in September and 30.01 per cent in August, according to the latest report from the Lao Statistics Bureau.