VIENTIANE, Nov. 8 (Xinhua) -- Dragging inflation down to the targeted 9 percent by 2024 from the current rate of almost 30 percent will be a huge challenge, said Lao Prime Minister Sonexay Siphandone.
Although inflation dropped from 40 percent in mid-2022 to 25.69 percent in September 2023, achieving the 9 percent target in 2024 will still be a challenge, Lao national TV on Wednesday quoted Lao prime minister as saying at the ongoing sixth ordinary session of the National Assembly's ninth legislature.
The Lao government had hoped to reduce inflation to 9 percent by the end of 2023, but its attempts failed, so it has set the same target for 2024.
The Lao government named inflation, exchange rates and money growth (M2) targets as the greatest challenges. In the draft of the 2024 monetary plan, the government said it will strive to control currency exchange rates so they do not put pressure on inflation.
In the social sphere, targets to increase enrollment rates in the formal education system also remain a great challenge, with schools recording a steady decline in attendance.
In addition, targets concerning healthcare security coverage, drug control and the issuing of land titles are also very ambitious, the PM said.
Economic growth is projected at 4.5 percent in 2024, an increase from the 4.2 percent projected in 2023, according to the report. ■
