Lao PDR and ADB
In the Spotlight
A mix of energy and mineral exports, manufacturing, services, and tourism is helping grow the economy, create jobs and lift people out of poverty in Lao People's Democratic Republic.
President Nakao met Thongsing Thammavong, Prime Minister of the Lao People’s Democratic Republic, in Vientiane to discuss how ADB can best work with the country, one of the fastest growing in Asia.
Due to expansion in electricity exports, construction, and services, the economy of Lao PDR is expected to pick up in 2016 and 2017. Better trade performance and investment inflows coupled with lower fuel costs will help ease the trade balance and inflation, says a new Asian Development Bank report.
This report summarizes outcomes of collaboration between ADB and implementing agencies of Bhutan, Lao People’s Democratic Republic, the Philippines, and Viet Nam to address gaps in the production of agricultural and rural statistics.
The economy of the Lao People’s Democratic Republic (Lao PDR) continues to grow vigorously. However, because it is a resource-rich country with an economy heavily reliant on mining and hydropower, more focus on diversifying the economy is needed. The government must strive for strong macroeconomic management, a sound fiscal framework, and effective budget management. While the government has consolidated expenditures to contain the deficit, it needs to increase fiscal and foreign reserves to absorb any future shocks.
ADB assistance to the Lao PDR is consistent with the rapidly evolving development needs of a lower-middle-income country. Under its national socioeconomic development plans, the government has adopted a policy to transform the Lao PDR from a landlocked to a landlinked country, and is aiming to be eligible to graduate from least developed country status by 2020.
Projects in Lao People's Democratic Republic
Population living below the national poverty line in Lao PDR (2013)
Maternal mortality ratio in Lao PDR, per 100,000 live births (2015)
Average annual population growth rate in Lao PDR (2010-2015)
Population in Lao PDR, in millions (2015)