Investment, stronger agricultural exports drive economic growth

Laos’ economy is projected to grow 3.4 percent this year and 3.7 percent in 2023, due to the country’s investments to boost exports, according to the Asian Development Outlook (ADO) 2022 released by the Asian Development Bank (ADB) on Wednesday.

“Growth in 2022 and 2023 will be underpinned by recovering investment and rising output in capital intensive industries, including electricity and mining; gradually recovering tourism; and agriculture’s continued steady performance,” the report stated.

“Downside risks to the outlook are the possibility of new Covid variants and inflationary pressures exacerbating an already high level of debt distress. A key policy challenge is staying on track for decarbonisation commitments.”

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Somsack Pongkhao