Briefing the 5th Ordinary Session of the National Assembly’s 9th legislature on Monday, Prime Minister Sonexay Siphandone expressed his belief that the GDP of the Lao PDR in the first half of 2023 will grow by at least 4.8%.
The first three months of the year recorded an economic growth of 4.8% as the second quarter is expected to record a growth of 4.9%.
Previously, the National Assembly expected the country’s economy to grow by 4.5%, or reaching 234 trillion kip, this year.
As of May 2023, revenue collection reached over 15.1 trillion kip, representing 39% of the annual target set for this year, or up by 41% year on year.
Domestic revenue reached 11.8 trillion kip, 43% of the annual target, as revenue collection in the first half of the year is expected to reach 18.4 trillion kip, accounting for 48% of the annual plan.
“The government has attached attention to addressing fluctuating exchange rates and inflation and narrow the gap in exchange rates between banking system and non-banking system. These efforts included closing exchange shops and authorising commercial banks to open their own exchange kiosks like in other countries. Currently, the commercial banks are focusing on expanding their exchange kiosks and we are piloting authorising commercial banks to trade foreign currencies online through bank accounts and order that all transactions for settling goods or service purchase and investment capital must be made through a banking system,” said Prime Minister Sonexay Siphandone.
Exports in the first half of the year reached 3.64 billion US dollars, increased by 4.74% year on year. Yet, the exports in the first six months are expected to be 4.27 billion US dollars, rising by 2.49%.
Imports in the previous months were estimated at 2.64 billion US dollars, representing an increase of 1.75%. As a result, the country is expected to record a trade surplus of 998.26 million US dollars.
The government has recorded a positive progress in reforming five strategic state enterprises namely Electricite du Laos, EDL Gen, Lao Airlines, Lao State Fuel, and Agro-Industrial Development and Service State Enterprise, according to the Minister of Planning and Investment Khamjane Vongphosy.
Source: Lao News Agency