Economists, private sector optimistic about strong Lao economy in 2017
Economists and the private sector are confident that the Lao economy has a good chance of achieving the expectations set for 2017 despite global uncertainties, but urge more effective management of the macroeconomy, the price of goods, and improvement of the investment and business climate. This year, the government has set the growth target at 7 percent, only 0.1 percent more than the 6.9 percent achieved last year. Last year’s growth rate fell short of the targeted figure of 7.5 percent. Chairman of the Lao National Chamber for Commerce and Industry, Mr Oudeth Souvannavong, told Vientiane Times on January 3 the government’s Gross Domestic Product projection was appropriate and the percentage increase was not high compared to the previous figure. Commodity prices in the resource sector are currently trending upwards on the global market, and if this continues it bodes well for the economy as Laos exports minerals such as copper. In addition, some hydropower projects are expected to be complete this year and they will help to stimulate the growth of other sectors, Mr Oudeth said.
