Vientiane, Jan 20 (IANS) Lao government has instructed relevant agencies to consider challenges facing the country and find effective ways to revitalise the economy, local media reported.
The instruction was issued during the Lao government’s second open meeting for 2022, which is running from Thursday to Friday, to discuss various international and regional events that are affecting the economy, according to a Lao National Radio report released on Thursday.
Lao Prime Minister Sonexay Siphandone asked the meeting’s participants to look for effective ways to revive the country’s economy and put Laos back on the development path, Xinhua news agency reported.
On the meeting’s agenda was a summary of the government’s targets achieved in 2022 and plans for 2023.
The government aims to strengthen the country’s social and economic development, and improve management of finance, planning and expenditure to satisfy government auditors.
Inflation has been high in Laos since the beginning of 2022, which climbed from 6.25 per cent in January to 7.31 per cent in February, 8.54 per cent in March, 9.87 per cent in April, and 13.81 per cent in May, respectively.
In December 2022, inflation in Laos surged to 39.3 per cent year-on-year, the highest in the year, according to the latest report issued by the Lao Statistics Bureau.
The inflation was mainly driven by higher prices of communications, transport, and consumer goods, as well as the continuing depreciation of the Lao currency, the Kip.
–IANS
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