This article needs to be updated.(January 2024) |
Currency | Lao Kip (LAK, ₭) |
---|---|
1 October – 30 September | |
Trade organizations | |
Country group |
|
Statistics | |
Population | 7,425,057 (2021)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
40.3% (Jan 2023 est.)[6] | |
Population below poverty line | |
36.4 medium (2012)[9] | |
Labor force | |
Labor force by occupation |
|
Unemployment | 9.4% (2017)[14] |
Main industries | Copper, tin, gold, and gypsum mining; timber, electric power, agricultural processing, rubber construction, garments, cement and tourism |
External | |
Exports | $3.654 billion (2017 est.)[7] |
Export goods | wood products, electricity, coffee, tin, copper, gold and cassava |
Main export partners | |
Imports | $4.976 billion (2017 est.)[7] |
Import goods | machinery and equipment, vehicles, fuel, consumer goods |
Main import partners | |
FDI stock | $15.14 billion (31 December 2012 est.)[7] |
−$2.057 billion (2017 est.)[7] | |
Gross external debt | $17.16 billion (2020 est)[17] |
Public finances | |
63.6% of GDP (2017 est.)[7] | |
−5.5% (of GDP) (2017 est.)[7] | |
Revenues | 3.099 billion (2017 est.)[7] |
Expenses | 4.038 billion (2017 est.)[7] |
Economic aid | $0.4 billion (1999 est.) |
$1.27 billion (31 December 2017 est.)[7] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Laos is a lower-middle income developing economy. Being one of the socialist states (along with China, Cuba, Vietnam, and North Korea), the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.[18][19]
Following independence, Laos established a Soviet-type planned economy. As part of economic restructuring that aimed to integrate Laos into the globalized world market, the country underwent reforms called the "New Economic Mechanism" in 1986 that decentralized government control and encouraged private enterprise alongside state-owned enterprises.[20] As of 2007, Laos ranked among the fastest-growing economies in the world, averaging 8% a year in GDP growth.[21] It was forecasted that Laos would sustain at least 7% growth through 2019.[22]
The key goals for the government included pursuing poverty reduction and education for all children, with an initiative to become a "land-linked" country. This was showcased through the construction of the nearly $6 billion high-speed rail from Kunming, China to Vientiane, Laos. The country opened a stock exchange, the Lao Securities Exchange, in 2011, and has become a rising regional player in its role as a hydroelectric power supplier to its neighbors China, Thailand, and Vietnam. The Lao economy relies largely on Foreign direct investment to attract capital from overseas. The long-term goal of the Lao economy, as enshrined in the constitution, is economic development in the direction of socialism.[23]
Despite rapid growth, Laos remains one of the poorest countries in Southeast Asia.[24][25] A landlocked country, it has inadequate infrastructure and a largely unskilled work force. Nonetheless, Laos continues to attract foreign investment as it integrates with the broader ASEAN economic community, due to its plentiful, young workforce, and favorable tax environment.
Laos has significant hydropower resources; the country also has large potential for small-scale hydro- and solar power.[26] Excess electricity from hydropower is exported to other countries. Despite this, the country continues to also rely on coal in its electricity production.[27]
{{cite book}}
: |website=
ignored (help)
Laos is one of the world's five remaining communist countries. The Lao economic model bears some resemblance to its Chinese and Vietnamese counterparts, in that it has implemented market-based economic practices while maintaining a high degree of state control and welcoming foreign direct investment (FDI). Laos is politically stable.
All types of enterprises are equal before the laws and operate according to the principle of the market economy, competing and cooperating with each other to expand production and business while regulated by the State in the direction of socialism.
During [the years] since the country has been liberated, our people have together been implementing the two strategic tasks of defending and building the country, especially the undertaking of reforms in order to mobilise the resources in the nation to preserve the people's democratic regime and create conditions to move towards socialism.
{{cite journal}}
: Cite journal requires |journal=
(help)
© MMXXIII Rich X Search. We shall prevail. All rights reserved. Rich X Search