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Lao Gov’t proposes lowering economic growth target

The Lao Government has suggested the National Assembly revise down economic growth target this year due to the impacts of COVID-19.
Lao Gov’t proposes lowering economic growth target ảnh 1In Laos (Photo: Internet)


Vientiane (VNA) – The Lao Government has suggested the NationalAssembly revise down economic growth target this year due to the impacts ofCOVID-19.

Speaking at the eighth NA’s ninth session that opened on June 24, Lao PM ThonglounSisoulith proposed lowering gross domestic product (GDP) growth from 6.5percent to 3.3-3.6 percent, and cutting revenue collection and expendituretargets, from 28,997 billion kip (over 3 billion USD) to 22,725 billion kip andfrom 35,693 billion kip to 33,043 billion kip, respectively.

With regard to expenditure, the government proposed a 30 percent cut in theadministration budget for central level bodies and a 10 percent cut for localbodies. The government also suggested postponing payment of the stateinvestment budget by at least 50 percent of the total investment value.

The PM also believed that the government could meet the GDP growth target of3.3-3.6 percent.

He also introduced measures which the government plans to put into actionover the next six months./.

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