Laos is expected to see moderate economic growth this year and the next, largely driven by external demand fueled by tourism and trade, according to the latest Asian Development Bank (ADB) report.
ADB predicts that Laos’ gross domestic product (GDP) will rise by 4% in 2024 and 2025. The growth in services will be sustained by external demand, with international tourist arrivals forecasted to reach 4.2 million in 2024.
The report also highlights the role of foreign investment in renewable energy, driving moderate industrial growth. Projects like the Monsoon Wind Power, scheduled for completion in 2025, are expected to contribute to this growth.
Inflation is anticipated to continue rising as businesses adjust prices to deal with increased expenses from currency depreciation and wage hikes, with consumer prices predicted to go up by an average of 20% in 2024, slowing down to 7% in 2025.
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