VIENTIANE, Jan 20 (NNN-KPL) – The Lao government has instructed relevant agencies, to consider challenges facing the country and find effective ways to revitalise the economy, local media reported yesterday.
The instruction was issued during the Lao government’s second open meeting for 2022, which runs from yesterday to today, to discuss various international and regional events, that are affecting the economy, according to a Lao National Radio report.
Lao Prime Minister, Sonexay Siphandone, asked the meeting’s participants to look for effective ways to revive the country’s economy and put Laos back on the development path.
On the meeting’s agenda was a summary of the government’s targets achieved in 2022, and plans for 2023.
The government aims to strengthen the country’s social and economic development, and improve management of finance, planning and expenditure, to satisfy government auditors.
Inflation has been high since the beginning of 2022, which climbed from 6.25 percent in Jan to 7.31 percent in Feb, 8.54 percent in Mar, 9.87 percent in Apr, and 13.81 percent in May.
In Dec, 2022, inflation in Laos surged to 39.3 percent year-on-year, the highest in the year, according to the latest report issued by the Lao Statistics Bureau.
The inflation was mainly driven by higher prices of communications, transport, and consumer goods, as well as, the continuing depreciation of the Lao currency, the Kip.– NNN-KPL
