Lao government plans annual GDP growth of at least 4% | World

People join traffic in Vientiane (Illustration Photo: Xinhua/VNA)

Vientiane (VNA) – The Lao government has set an annual economic growth target of at least 4 percent by 2025, the Vientiane Times newspaper reported.

According to a 20-page decree signed by Phankham Viphavanh, Lao Prime Ministerthe agricultural sector is expected to grow at an average annual rate of 2.5% and will account for 15.3% of gross domestic product (GDP) by 2025.

Meanwhile, industry is expected to grow at an annual rate of 4.1% and account for 32.3% of GDP by 2025. The services sector is expected to grow by 6%, accounting for 40.7% of GDP during the next 3 to 4 years.

In addition, the tariff and tax sector is expected to increase by 5.8% and represent 11.7% of the GDP by 2025. Annual GDP per capita income is estimated at US$2,880.

Laos National Chamber of Commerce and Industry (LNCCI) Vice President Daovone Phachanthavong said Laos can achieve its economic goals if development megaprojects in smart cities, highways, special economic zones , hydropower and mining, among others, were progressing as expected.

However, one of the biggest challenges will be the Lao governmentthe ability to bring the COVID-19[female[feminine control of the pandemic and support economic recovery./.

ANV

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