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ADB lowers growth forecast for Lao economy this year

The Asian Development Bank (ADB) has revised down its growth forecast for the Lao economy in 2023 to 3.7%, from a 4.0% projection released in April.
ADB lowers growth forecast for Lao economy this year ảnh 1A street in Vientiane capital of Laos. (Photo: AFP/VNA)
Vientiane (VNA) – The Asian Development Bank (ADB) has revised down its growthforecast for the Lao economy in 2023 to 3.7%, froma 4.0% projection released in April.

According to the Asian Development Outlook (ADO) September 2023, economicgrowth in Laos is forecast to be slower than expected due to weaker growthprospects in China, and macroeconomic pressures arising from unsustainablepublic debt and a weak Lao currency, the kip.

The 2024 growth forecast was kept at 4.0%.

Curbing inflation is among the main challengesto Laos. Though inflation decelerated in August to stand at 25.88%, down from28.64% in June and 27.8% in July, the rate is still among the highest in theregion. The Lao Statistics Bureau said the weak kip is one of the main driversof inflation.

Lao media cited ADB Country Director for Laos Sonomi Tanaka assaying that sound macro-economic management, including stronger coordinationacross fiscal and monetary policies, is urgently needed to address thecountry’s economic and financial challenges./.
VNA
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