Lao Economic Monitor, April 2015
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World Bank, Vientiane
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Based on preliminary estimates, the Lao
People's Democratic Republic (PDR) economy grew by 7.5
percent in 2014, compared to an average of 8 percent over
2011-13. Looking forward, real gross domestic product (GDP)
growth is projected to slow further in 2015 before
accelerating in the medium term. Average annual inflation in
2014 decelerated to 4.2 percent from 6.4 percent a year
earlier, driven primarily by slower growth in food prices
and a decline in fuel prices. In response to a widened
fiscal deficit in FY2012-13, the government embarked on much
needed fiscal corrective measures in FY2013-14 and
FY2014-15. Foreign exchange reserves coverage remains low as
compared with prudential benchmarks. While the nominal
exchange rate remained relatively stable within the band set
by the Bank of Laos (BOL), the real exchange rate continued
to appreciate. Indications in 2014 are that bank credit
growth is slowing down sharply compared to its previous
rapid pace over several years. In order to grasp new
opportunities and enjoy the benefits of regional
integration, it is necessary for Lao PDR to take steps to
create a conducive business environment. In order to achieve
broad-based, inclusive growth and poverty reduction in Lao
PDR, channeling greater resources toward tackling key
workforce skills and productivity challenges is of
significant importance.
Palabras clave
AGRICULTURAL COMMODITIES, AGRICULTURE, ARREARS, ASSET RATIO, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BANK CREDIT, BANK SUPERVISION, BANKING SECTOR, BANKING SECTOR ASSETS, BANKING SYSTEM, BENCHMARK, BENCHMARKS, BOND, BONDS, BROAD MONEY, BUDGET DEFICIT, BUFFERS, BUSINESS ENVIRONMENT, CAPACITY BUILDING, CAPITAL ACCOUNT, CAPITAL MARKET, CASH FLOW, CASH FLOWS, CASH MANAGEMENT, CENTRAL BANKS, COMMERCIAL BANK, COMMERCIAL BANK LENDING, COMMERCIAL BANKS, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, CONSUMER GOODS, CONSUMER PRICE INDEX, CONSUMERS, CONTINGENT LIABILITIES, CREDIT EXPANSION, CREDIT GROWTH, CREDITORS, CURRENCY, CURRENCY EARNINGS, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, DEBT, DEBT BURDEN, DEBT COMPOSITION, DEBT MANAGEMENT, DEBT PAYMENT, DEBT RATIOS, DEBT SERVICE, DEBT STOCK, DEBT-SERVICE, DEMOGRAPHIC, DEPOSITS, DEPRECIATION, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT BANK, DISPUTE RESOLUTION, DOMESTIC BORROWING, DOMESTIC CREDIT, DOMESTIC CREDIT GROWTH, DOMESTIC DEMAND, DOMESTIC FINANCIAL MARKETS, DOMESTIC INVESTORS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC OUTLOOK, ECONOMIC POLICIES, EFFECTIVE EXCHANGE RATE, ELECTRONIC TRADE, EQUITY HOLDING, EXCESS SUPPLY, EXCHANGE RATE, EXCISE TAXES, EXPANSIONARY ECONOMIC POLICIES, EXPENDITURE, EXPORT COMPETITIVENESS, EXPORT MARKETS, EXPORT PERFORMANCE, EXPORTERS, EXPORTS, EXPOSURE, EXTERNAL BALANCE, EXTERNAL DEBT, FINANCIAL ANALYSIS, FINANCIAL ASSET, FINANCIAL INFORMATION, FINANCIAL SECTOR, FINANCIAL VOLATILITY, FISCAL CONSOLIDATION, FISCAL DEFICIT, FOOD PRICES, FOREIGN ASSETS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVE, FOREIGN EXCHANGE RESERVES, FOREIGN FIRMS, FOREIGN INVESTMENT, FOREIGN RESERVES, GDP, GLOBAL ECONOMIC PROSPECTS, GLOBAL ECONOMY, GOLD, GOLD PRICE, GOVERNMENT DEBT, GOVERNMENT EXPENDITURES, GOVERNMENT REVENUE, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH PROJECTIONS, GROWTH RATE, GROWTH RATES, HOLDINGS, IMPORT, IMPORT PRICES, IMPORTS, INCOME, INCOMES, INFLATION, INFORMATION SYSTEM, INFRASTRUCTURE PROJECTS, INTERNATIONAL DEVELOPMENT, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT CLIMATE, INVESTMENT INFLOWS, INVESTMENT POLICY, INVESTMENT PROJECTS, INVESTMENT REGIME, INVESTMENT SPENDING, INVESTOR PROTECTION, ISSUANCE, JOB CREATION, LABOR MARKET, LACK OF TRANSPARENCY, LEVEL OF INVESTMENT, LIABILITY, LIABILITY MANAGEMENT, LIVING STANDARDS, LOCAL GOVERNMENT, MACROECONOMIC STABILITY, MACROECONOMIC VULNERABILITIES, MACROECONOMICS, MONETARY FUND, MONEY GROWTH, NATIONAL TREASURY, NATURAL RESOURCES, NOMINAL EXCHANGE RATE, NON-PERFORMING LOAN, NON-PERFORMING LOANS, NPL, OIL PRICE, OIL PRICES, OUTPUT, POLLUTION, PORTFOLIO, PRICE COMPETITION, PRIVATE BANK, PRIVATE DEBT, PRIVATE INVESTMENT, PRIVATE SECTOR CREDITS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PRODUCTIVITY INCREASES, PRUDENTIAL REGULATIONS, PUBLIC ASSETS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC DEBT STOCK, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SPENDING, PURCHASING POWER, REAL EFFECTIVE EXCHANGE RATE, REAL ESTATE, REAL EXCHANGE RATE, REAL GDP, RECURRENT EXPENDITURES, REGIONAL INTEGRATION, REGULATORY REQUIREMENTS, REPAYMENT, RESERVE, RESERVES, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, SECURITIES, SECURITIES EXCHANGE, SETTLEMENT, SETTLEMENT PROCEDURES, SINGLE MARKET, SKILLED WORKERS, SKILLS SHORTAGES, SLOWDOWN, STARTUP, STRUCTURAL PROBLEMS, SUPPLY SIDE, SUSTAINABILITY ANALYSIS, SUSTAINABLE GROWTH, TARIFF BARRIERS, TAX, TAX REVENUES, TOTAL IMPORTS, TOTAL REVENUE, TRADE FACILITATION, TRADE INFORMATION, TRADE LAWS, TRADING, TRADING COSTS, TRADING PARTNERS, TRANSACTION, TRANSACTION COSTS, TREASURY, VALUE ADDED, VULNERABILITY TO SHOCKS, WAGES, WORLD MARKETS, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO