Laos sees economic growth despite ongoing challenges, says Lao PM


VIENTIANE (Xinhua): Laos has sustained economic growth over the past two and a half years, which has achieved growth targets despite ongoing challenges, and economic measures are continuing to gain momentum, the Lao prime minister stated.

Presenting the midterm review report on the five-year National Socio-economic Development Plan for 2021-2025 to the National Assembly (NA) this week, Lao Prime Minister Sonexay Siphandone said midterm average growth reached 4.03 per cent, which meets the average growth target of at least 4 pe rcent set in the five-year plan, Lao national TV reported on Friday.

Sustained growth was secured despite Laos facing great difficulties and challenges not experienced for years, caused by the domestic, regional and global environment, the premier said.

Industry recorded the highest growth rate of 4.53 per cent on average, followed by services, taxes and tariffs, and agriculture and forestry at four, 3.6, and 3.1 per cent respectively.

Sonexay said the government admitted that currency exchange rates remain fragile amid the impacts of the changing global economic environment. Insufficient foreign exchange and debt servicing are also an ongoing issue that require a collective effort to resolve. - Xinhua

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