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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World Bank East Asia Update emphasizes opportunity to refocus on long-term reformsEast Asia and Pacific Region, November 29, 2011 - Growth is still strong in developing East Asia, but continues to moderate... Show More + mainly due to weakening external demand, underscoring the need for governments to refocus on reforms to increase domestic demand and productivity, says the World Bank in its latest East Asia and Pacific Economic Update released earlier last week. The report, issued biannually, projects that amid uncertainties in Europe and a global growth slowdown, real GDP in developing East Asia will increase by 8.2 percent in 2011 (4.7 percent excluding China) and by 7.8 percent in 2012. Domestic demand in middle-income countries was the largest contributor to growth in the region, although it is easing driven by the normalization of fiscal and monetary policy. “Lower growth in Europe in the course of fiscal austerity and the banks’ needs to increase capital coverage wo 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 -