The Government of Laos has set a target to achieve an economic growth of 4.5% in 2024, Lao Minister of Planning and Investment Khamjane Vongphosy said at the ongoing 6th ordinary session of the country’s 9th legislature.
Presenting the government's report on the implementation of the 2023 socio-economic development plan and the draft plan for 2024, the minister said Laos recorded gross domestic product (GDP) growth of 4.4% in the first nine months of this year.
However, the projected growth for the whole year 2023 is 4.2% which is lower than the target of 4.5 % set in the 2023 plan, he said, explaining that rising production costs and drought which affected hydroelectricity generation were key factors in this year’s lower growth rate.
Khamjane emphasized the need to maintain political stability and social order to ensure the success of upcoming major events hosted by Laos, while promoting the service industry to achieve the ambitious growth targets in 2024.
Addressing the NA earlier, Prime Minister Sonexay Siphandone pledged to continue to enforce promulgated measures to stabilise the macroeconomy amid ongoing challenges.
The Lao government has announced several ambitious targets for 2024, including reducing inflation to a single-digit figure.
The sixth session of the Lao National Assembly is taking place from October 31 to November 11./.