Rubber, mineral ores weigh as Laos economic growth revised to 6.9 per cent
Xinhua, July 7, 2016 Adjust font size:
Low global prices for mineral ores and rubber are expected to slow economic growth in the South-East Asian nation of Laos to an annualized 6.9 percent for 2016, local media reported Thursday.
The revised figure represents a decrease from the annual target of 7.5 percent set previously by Lao policymakers for the 2016 to 2020 period.
Inflation remained low at 2 percent in the country of some six and a half million as a result of subdued global oil prices.
The results were revealed in analysis from senior economist at the country's National Economic Research Institute (NERI), Dr Leeber Leebouapao.
The 7.5 percent figure could still be achieved over the coming period as a result of increasing investments in electric power generation capacity and distribution for domestic use and export that continue to provide stimulus to the Lao economy, state-run media reported Dr Leeber as saying.
Dr Leeber said greater productivity and improvements to the investment climate remained necessary to attract investment to Laos to take advantage of regional growth opportunities that present as the country enjoys membership of regional and international trading blocs and better transport links.
Gross Domestic Product reached in Laos reached some 12.8 billion U.S. dollars in 2015 representing a GDP per capita of 1,970, following the posting of 7.9 percent average annual economic growth over the proceeding five year period. Enditem