Over half a century ago, Lao PDR began its journey to become a modern nation and committed itself to long-term development ambitions. It has delivered electricity, schools, roads, and has become an important energy exporter.
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An additional 96,000 young people will be looking for jobs every year in the coming decades. Having more potential workers presents an opportunity for growth, but only if productive, income-generating... Show More + jobs are available.While the government has focused on the role of education in skills development, the Lao PDR Development Report aims to identify what needs to be done to create more and better jobs for Lao PDR’s growing population.Key findingsLao PDR’s economy is growing fast but growth is mainly driven by the hydro and mining sectors where very few jobs are created: only 22,000 people work in these sectors and this number is unlikely to increase much, given how capital intensive those sectors are.Currently, most of the jobs that are available in Lao PDR are not very attractive: productivity and growth remains very low, and this implies relatively low wages, and relatively slow growth in those wages.The underlying problem is that a difficult business environment keeps foreign and domes Show Less -
Vientiane, Lao PDR, November 14, 2011 – Over the past decade, Lao PDR has experienced a boom in economic growth. Per capita incomes have more than doubled since 1990, raising the country from a low-income... Show More + to a lower-middle-income economy in 2011. Following the introduction of the New Economic Mechanism and the implementation of reforms since 1986, the economy has expanded on average by 6.5 percent per year between 1990 and 2009. By 2010, per capita income reached US$1,010 while the country’s poverty headcount was significantly reduced from 46 percent of the population in 1992-1993 to 28 percent in 2007-2008.“Recent economic development is commonly linked to the natural resource sector, as Lao PDR is richly endowed with minerals, water resources for hydropower development, and forestry products. However, for the country to sustain its growth, it is important to strike a balance between the resource and non-resource sectors”, says Genevieve Boyreau, the World Bank’s Senior Country Econom Show Less -