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Lao economy projected to grow around 7 pct annually to 2019

Updated: 05 24 , 2017 14:24
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VIENTIANE, May 24 -- Lao economy is projected to expand at around 7 percent annually for the period 2017 to 2019, according to the latest edition of the World Bank's Lao Economic Monitor released Wednesday.

The country's growth is driven by a pipeline of power projects and recovery in the agriculture and manufacturing sectors, as well as new opportunities prompted by closer regional integration, said the WB report released in the Lao capital Vientiane.

According to the report, inflation pressures remain low, while credit growth has stabilized over the past year.

Expansion of the power sector is expected to increase power exports, while non-resource sectors such as tourism, trade and financial services are expected to benefit from closer regional integration and improved connectivity, the report said.

Although Laos has achieved strong economic development over the past decade, the report says higher investment in human development, particularly health services, is a priority.

High out of pocket spending deters the poor from using health services, which increases their vulnerability; rates of maternal and child mortality in Laos remain high, according to the report.

The Lao Economic Monitor is a periodic publication developed by the World Bank office in Lao PDR.

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