Public debt of Laos predicted to increase amid COVID-19
The public debt of Laos may increase to as much as 65 to 68 percent of its gross domestic product (GDP) in 2020 following a sharp fall in national revenue collection alongside an increase in loans due to the COVID-19 pandemic, Vientiane Times reported.
Lao residents wear face masks amid COVID-19. (Photo: Xinhua/VNA)
Vientiane (VNA) - The public debt of Laos may increase to asmuch as 65 to 68 percent of its gross domestic product (GDP) in 2020 following a sharp fall in nationalrevenue collection alongside an increase in loans due to the COVID-19 pandemic,Vientiane Times reported.
Revenue collection by Laos in2020 will decrease by about 6.32 trillion kip (696 million USD), FinanceMinister and Lao Deputy Prime Minister Somdy Douangdy said at the recent ninth sessionof the eight National Assembly.
The value of exports during thefirst six months of 2020 were at a low level of around 2.6 billion USD, adecreased of 5.1 percent compared to the same period of 2019, according to anassessment by an agency of the Ministry of Industry and Commerce.
Important sectors, especiallyprocessing industries and construction, showed a decreasing trend. Thisincluded falls in cement, gold and copper production.
The exports of severalproducts, such as clothes, cassava, bananas, coffee, wood pulp, paper andelectronic equipment, are expected to be heavily impacted.
Investments are expected todecrease. The value of approved investments through the concession system inthe first five months of 2020 was only 151 million USD, as against 2.38 billion USD for the same period of 2019.
The tourism sector too isexpected to be further impacted during the last six months of the year, as thenumber of tourist arrivals in Laos in the first six months was only 887,447, adecrease of 60 percent compared to the same period of 2019./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Lao residents wear face masks amid COVID-19. (Photo: Xinhua/VNA) 
