Being one of four remaining socialist states, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with an openness to foreign direct investment and private ownership in a predominantly market-based framework. GDP Annual Growth Rate in Laos averaged 6.87 percent from 1989 until 2019, reaching an all time high of 9.90 percent in 1989 and a record low of 4 percent in 1991. Nonetheless, Laos continues to attract foreign investment as it integrates with the larger ASEAN Economic Community, its plentiful, young workforce, and favorable tax treatment. [18], Key goals for the government includes pursuing poverty reduction and education for all children, also with its initiative to become a "land-linked" country. However, the 1997 Asian Financial Crisis, coupled with the Lao government's own mismanagement of the economy, resulted in spiraling inflation and a steep depreciation of the kip, which lost 87% of its value from June 1997 to June 1999. Nominal (current) Gross Domestic Product (GDP) of Laos is $16,853,087,485 (USD) as of … Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. In an attempt to stimulate further international commerce, the PDR Lao government accepted Australian aid to build a bridge across the Mekong River to Thailand. World … These reforms led to economic growth and an increased availability of goods. Publish your articles and forecasts in our website. Agriculture, mostly subsistence rice farming, dominates the economy, employing an estimated 85% of the population and producing 51% of GDP. Although the bridge has created additional commerce, the Lao government does not yet permit a completely free flow of traffic across the span. In the current period, the economy of Laos relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigorousness. Still a communist state, in recent years Laos opened its economy to private initiative and foreign direct investments. The country is heavily dependent on agriculture (33 percent of GDP) as it employs around 80 percent of the population. It also agreed to maintain a market exchange rate, reduce tariffs, and eliminate unneeded trade regulations. ... 1984 - 2019 GDP per capita growth (annual %) ... GDP per capita, PPP (constant 2017 international $) Inflation, GDP deflator (annual %) Oil rents (% of GDP) Download. Tourism (11 percent of GDP) is the second largest earner of foreign currency and is growing rapidly. As a result, Laos started to exploit its hydropower, precious metals and wood resources. Deposit Interest Rate in Laos at 3.00 percent, Laos Balance of Trade at 20.37 USD Million, Laos Current Account at -349.83 USD Million, Laos Current Account to GDP at -7.20 percent, Laos GDP Annual Growth Rate at 4.70 percent, Greek Jobless Rate Drops from 15-Month High, Taiwan Wholesale Prices Fall the Least in 6 Months, Brent Crude Above $42 as Hurricane Delta Heads Toward US Gulf Coast, WTI Rises as Hurricane Delta Approaches US Gulf Coast, Hungary Inflation Rate Below Forecasts in September. [26], Tourism is the fastest growing industry in the economy and plays a vital role in the Lao economy. The economy continues to be dominated by an unproductive agricultural sector operating largely outside the money economy and in which the public sector continues to play a dominant role. 1989-2019 Data | 2020-2022 Forecast | Historical | Chart. [14][15], Following independence, Laos established a Soviet-type planned economy. This is showcased through the ongoing construction of the nearly $6 billion high-speed rail from Kunming, China to Vientiane, Laos. The economy of Laos is a rapidly growing lower-middle income developing economy. Tighter monetary policies brought about greater macroeconomic stability in FY 2000, and monthly inflation, which had averaged about 10% during the first half of FY 1999, dropped to an average 1% over the same period in FY 2000. This page provides - Laos GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The Trading Economics Application Programming Interface (API) provides direct access to our data. Being one of four remaining socialist states, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with an openness to foreign direct investment and private ownership in a predominantely market-based framework. In mid-2012, the Laos government issued a four-year moratorium for new mining projects. Lao PDR and ADB. [27], GDP: purchasing power parity - $14.2 billion (2009 est.) Exchange rate - kips (LAK) per US dollar - 8,556.56 (2009), 8,760.69 (2008), 9,658 (2007), 10,235 (2006), 10,820 (2005), Of the total foreign investment in Laos in 2012, the mining industry got 27% followed by electricity generation which has 25% share. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Browse by Country or Indicator. 1984-2019 Data | 2020-2022 Forecast | Historical | Chart | News. The long-term goal of the Lao economy as enshrined in the constitution is economic development in the direction of socialism by creating the material conditions to move towards socialism.[19]. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The "Thai-Lao Friendship Bridge", between Vientiane Prefecture and Nong Khai Province, Thailand, was inaugurated in April 1994. [26], high-speed rail from Kunming, China to Vientiane, Laos, Learn how and when to remove this template message, Lao National Chamber of Commerce and Industry, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population)", "Inequality-adjusted Human Development Index (IHDI)", "Employment to population ratio, 15+, total (%) (national estimate)", "Unemployment, total (% of total labor force) (national estimate) - Lao PDR", "The World Factbook — Central Intelligence Agency", "Laos, south-east Asia's new emerging economy", "Laos marks first-day trade in new exchange", "Laos to set state-owned enterprises on path to profitability", http://www.sdc.org.vn/index.php?navID=21483&langID=1, https://en.wikipedia.org/w/index.php?title=Economy_of_Laos&oldid=978241831, All Wikipedia articles written in American English, Articles needing additional references from September 2019, All articles needing additional references, Creative Commons Attribution-ShareAlike License, machinery and equipment, vehicles, fuel, consumer goods, This page was last edited on 13 September 2020, at 19:05. ADB operations in the Lao PDR focus on improving physical connectivity to catalyze private sector investment, generate employment, and boost incomes; developing skills that will promote nonresource sectors; and expanding access to health services to enhance labor productivity. Enforcement of intellectual property rights is governed by two Prime Minister's Decrees dating from 1995 and 2002.[23]. The Gross Domestic Product (GDP) in Laos was worth 18.17 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. In spite of the recent developments, the government relies extensively on foreign aid to fund its budget and infrastructure development. Direct access to our calendar releases and historical data. [17] It is also forecasted that Laos will sustain at least 7% growth through 2019 as well.

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