The World Bank has predicted that Laos will see economic growth of 4.5 percent in 2022 and 4.8 percent in 2023 despite projected slower growth of the global economy, Vientiane Times reported.
Illustrative photo. (Source: WB)
However, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt and income inequality that could threaten the recovery in emerging and developing economies, according to the WB’s latest Global Economic Prospects report.
Global growth is expected to decelerate markedly from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023.
The rapid spread of the Omicron variant indicates that the pandemic will likely continue to disrupt economic activity in the near term.
In Laos, the government has eased a number of measures and expedited the vaccination programme to enable the private sector to resume businesses, factories and investment projects to further boost economic growth.
The government reopened the country to international visitors this month in a bid to revitalise the tourism and service sectors which have been hit hard by the pandemic since 2020./.