Laos sets 7 percent economic growth by 2018

16:27 | 15/09/2017 Global Economy

The Lao government has set the goal of achieving a 7 percent gross domestic product (GDP) growth by 2018, said the Vientiane Times on September 12.

Tourism industry is the key to the increasing number of laborers in Laos - Photo:

If achieved, the GDP per capita will amount to 2,567 USD.

During a recent two-day government meeting, Lao Minister of Planning and Investment Souphanh Keomixay presented a draft socio-economic development plan for 2018.

Accordingly, agriculture is expected to grow by 2.8 percent while industry will expand by 9.1 percent, down from 9.53 percent in 2017. The service sector is set to grow by 6.4 percent, up from 6.15 percent in 2017.

Revenue from import tariff is scheduled to increase by 9 percent, up from 6.9 percent set for 2017.

The government will also strive to collect about 3 billion USD to the State budget and curb spending below 4 billion USD. Inflation rate will be kept below 5 percent.

The plan will be submitted to the Lao legislature in the October meeting for approval.

Theo VNA