VO The year 2014 in review INTRO: The year 2014 saw both opportunities and challenges for Laos, but on the whole the country saw remarkable progress in socio-economic development and poverty reduction despite complex global changes. Details with our news team in the special news episode on the year 2014 in review STORY: Despite challenges, Laos was able to maintain political stability, security and social order, contributing to national development and poverty reduction as well as promoting development cooperation with friendly nations around the world. Preparations to join the Asean Economic Community in 2015 have picked up speed so that Laos can benefit from regional integration. Laos has a US$12.79-billion economy and a population of 6.5 million people. Despite the uncertainty of the global economy, Laos expects economic growth of about 8 percent annually. In fact Laos enjoys one of the highest growth rates in the region, driven by the inflow of foreign investment, mainly in the resource sector. The government has set a target to reduce the poverty rate to 19.17 percent of the population in 2015 and for per capita income to reach US$1,700 next year. One of the main challenges for the government has been the revenue shortfall over the past two years, hindering economic growth and the rate of development. As a result, the government will cut its budget to 265 billion kip in support of 745 new state investment projects in fiscal year 2014-15 to protect the country from an economic crisis.
Posted on: Thu, 08 Jan 2015 03:44:11 +0000
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