11:18 | 26/05/2017 Global Economy
The Lao economy is projected to grow around 7 percent annually between 2017 and 2019, according to the latest edition of the World Bank's Lao Economic Monitor released in Vientiane on May 24.
|A street in Vientiane (Source: alamy.com)|
The report said the country's growth is driven by power projects and recovery in agriculture and manufacturing sectors, as well as new opportunities prompted by closer regional integration.
Inflation pressures remain low, while credit growth has stabilised over the past year, it said, adding that expansion of the power sector is expected to increase power export, while non-resource sectors such as tourism, trade and financial services are expected to benefit from closer regional integration and improved connectivity.
Though Laos has achieved strong economic development over the past decade, the report says higher investment in human development, particularly health services, is a priority.