Lao Economic Monitor, April 2015 : Towards Restoring Macroeconomic Stability and Building Inclusive Growth

Lao Economic Monitor, April 2015 : Towards Restoring Macroeconomic Stability and Building Inclusive Growth

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 fu...

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Bibliographic Details
Main Author:	Phimmahasay, Keomanivone
Format:	Report
Language:	English en_US
Published:	World Bank, Vientiane 2015
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2015/04/24365023/lao-economic-monitor-towards-restoring-macroeconomic-stability-building-inclusive-growth http://hdl.handle.net/10986/21773

Description
Summary:	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.

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