VIENTIANE, Nov. 11 (Xinhua) -- The Lao economy is expected to grow 4.8 percent in 2025, reflecting steady progress under the government's five-year socio-economic development plan for 2021-2025 despite domestic and external challenges, according to a local media report.
Over the past five years, the government has focused on implementing 12 key economic priorities, addressing financial challenges, and introducing measures to stimulate growth. As a result, the economy has expanded at an average annual rate of 4.24 percent, in line with the five-year plan, Lao Prime Minister Sonexay Siphandone said during the 10th ordinary session of the Lao National Assembly's ninth legislature.
Key growth drivers included food production for domestic consumption and export, electricity and mining output, processing industries, transportation, and tourism, according to Lao National TV on Tuesday.
However, the services sector and tax revenues fell short of targets due to both domestic and external challenges. These factors have also contributed to inflation, currency fluctuations, and higher prices for essential and imported goods, affecting the cost of living and prompting many Lao workers to seek employment abroad.
Despite these pressures, the government remains committed to stabilizing the macroeconomy, strengthening financial systems, and promoting sustainable, inclusive growth, aiming to achieve the 4.8 percent growth target by the end of 2025. ■