Events

Linking Laos, Unlocking Policies: Launch of the Lao PDR Country Economic Memorandum

June 7, 2022

Vientiane

Modified satellite image of mainland Southeast Asia, with Laos and its potential connections highlighted at centre

The new Country Eoconomic Memorandum, or CEM, is published on June 7.

Adapted from Anton Balazh / Shutterstock.com

As Laos positions itself for the next phase of its development, a new World Bank report explores how the country can take advantage of its strategic location and natural wealth, and rebalance the economy for more inclusive and sustained growth beyond the COVID-19 pandemic.

The Lao PDR Country Economic Memorandum offers a reform agenda for development beyond the pandemic. This new analysis is to be launched through a panel discussion on the key challenges and opportunities that Laos faces in the years ahead, and the reforms that will be needed to ensure economic growth is sustainable and inclusive.

OVERVIEW
AGENDA
SPEAKERS

Since 2000, Laos has been among the fastest growing economies in the world, recording average annual growth of around 7 percent, mostly driven by the mining and hydropower sectors and infrastructure development. However, strong GDP growth was not particularly inclusive, nor did it result in widescale job creation. Poverty has decreased, but at a slower pace than in other fast-growing countriesin the region, while inequality has risen. Neither has growth been sustainable from macroeconomic or environmental perspectives. Stocks of natural capital have been depleting: many of the country’s forests and water resources are vulnerable. Public debt has increased to critical levels and the resulting debt service burden is crowding out public spending on critical services. This situation could lead to disruptive fiscal and external adjustments if left unaddressed.
This report examines the reasons why Lao growth has not resulted in greater improvements to socio-economic conditions for most of the population. It discusses Laos' many advantages, and provides a set of policy recommendations for restoring macroeconomic stability, and leveraging strategic location and natural capital to improve the future for the country's young and growing population.
At this launch event, a panel of experts will discuss the findings of the report and give their views on the way forward.

9:00-9:10	Welcoming remarks: Ulrich Schmitt, World Bank Acting Country Director for Myanmar, Cambodia, and the Lao PDR
9:10-9:50	Linking Laos, Unlocking Policies. As Laos positions itself for the next phase of its development, the new World Bank Country Economic Memorandum explores how the country can take advantage of its strategic location and natural wealth, and rebalance the economy for more inclusive and sustained growth beyond the COVID-19 pandemic. Presenters: Melise Jaud and Kim Edwards, Senior Economists, World Bank Group
9:50-11:10	A reform agenda for Laos’ development beyond the pandemic Panel discussion on the key challenges and opportunities that Laos faces in the years ahead, and the reforms that will be needed to ensure economic growth is sustainable and inclusive. · H.E. Manothong Vongsay, Deputy Minister of Industry and Commerce · Mr. Oudeth Souvannavong, President, Lao National Chamber of Commerce and Industry · Mr. Kikeo Chanthaboury, Vice President, Lao Academy of Social and Economic Sciences · Mr. Sebastian Eckardt, Macro Economics and Fiscal Management Manager, East Asia and Pacific Region, World Bank Group Moderator: Ms. Viengsamay Srithirath, Acting Country Manager, World Bank Group, Lao PDR
11:10-11:20	Official remarks by H.E. Sthabandith Insisienmay, Deputy Minister of Planning and Investment
11:20-11:30	Closing remarks Ms. Viengsamay Srithirath, Acting Country Manager, World Bank Group, Lao PDR

Last Updated: Jun 01, 2022

H.E. Sthabandith Insisienmay

Vice Minister of Planning and Investment
As vice minister, Mr Sthabandith supervises tasks related to international cooperation, research and development, and training at the Ministry of Planning and Investment. His previous work contributed to the formulation of Lao Vision 2030 and the 10-Year National Socio-Economic Development Strategy (2016-25), supervising macroeconomic monitoring, forecasting, and reporting. His research includes work on enterprise development, regional connectivity, quantitative analysis of the Lao economy, poverty dynamics, and migration. His on-going research projects are on private sector development and poverty dynamics along the Lao-China economic corridor, and curbing illicit financial flows from resource rich developing countries.

H.E. Manothong Vongsay

Vice-Minister of Industry and Commerce
Having started his career with the Foreign Investment Management Committee, Mr. Manothong has previously held posts as Director General for the Department of Evaluation and the Investment Promotion Department. He holds a doctoral degree in Business Administration from Hohai University, China, and master’s degrees from Australia and Russia.

Mr. Kikeo Chanthaboury

Vice President, Lao Academy of Social and Economic Sciences
A former Vice Minister for Planning and Investment, Mr. Kikeo Chanthaboury holds a PhD in Economics from Leningrad University and has over 28 years of experience working for the Lao government, supervising work in national planning, public investment budgets, development cooperation and national development policy research. He also served on a number of national committees, including those for Disaster Management and Prevention, Nutrition, Trade and Investment Facilitation, and the National Green Growth Strategy.

Mr. Oudet Souvannvong

President, Lao Chamber of Commerce and Industry
As an entrepreneur, Mr. Oudet is a director for several hospitality, trade and consulting companies such as Best Western Hotel and Resorts Laos, Fuji Lao Japanese Restaurants, and Mixai Techno Engineering & Consulting. He is also a board member for several international governing business bodies including the Greater Mekong Sub-Region Business Forum, the ASEAN Tourism Association, and the UNESCAP Business Forum.

Mr. Sebastian Eckardt

World Bank Manager for Macro Economics and Fiscal Management, East Asia and Pacific Region
A German native, Sebastien’s main areas of expertise are fiscal policy, budget preparation and management techniques, and economic growth policy. Currently based in the World Bank Beijing office, he holds a PhD in Public Finance from the University of Potsdam as well as an MSc in Political Economy from Birmingham University.