Vientiane (VNA) – The World Bank (WB) recently forecast that the Lao economy would grow 7 percent in 2016 and 2017, ranking second in Southeast Asia, behind𝓡 Myanmar.
However, the growth is estimated at only 6.8 percent in 2018.
Senior economist Libo Libuapao from the National Economic Research Institute said the Lao government has revised down the growth rate to 7-7.3 percent from 7.5 percent in 2016-2017 due to the world economic downturn.
Notably, the Chinese economic slowdown also hurt Lao exports to the country as well as reduced Chinese direct investment in Laos.
Earlier, Lao Deputy Prime Minister and Finance Minister Xomdi Duangdi affirmed that the Lao government has set the goal of achieving economic growth at least 7.5 percent per year during the implementation of the national socio-economic development scheme for 2016-2020.
To that end, the agro-forestry sector must grow 3.2 percent, industry up 9.3 percent and services up 8.9 percent annually, and the total capital inflow into Lao projects must reach 27 billion USD during the period.
According to the WB, the Southeast Asian economy this year will expand 5.8 percent from 2015 and 5.7 percent in 2017 and 2018.-VNA
President of the Asian Development Bank (ADB) Takehiko Nakao has reaffirmed the bank’s support for the sustainable development of Laos in the interest of the Lao people.
Developing Asian countries will maintain a strong economic growth of 6.3 percent in both 2015 and 2016 supported by soft commodity prices and recovery in the major industrial economies, according to the Asian Development Bank (ADB).
Despite uncertainties about weather conditions and State budget revenue collection, the Lao economy is forecast to expand about 7.5 percent in the fiscal year 2014-2015 (October 1, 2014 - September 30, 2015).
As Chair of ASEAN in 2016, Laos is exerting every effort to turn challenges from the year-end establishment of the ASEAN Economic Community (AEC) into opportunities.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Illustrative image (Source: VNA)
