Lao gov't targets 4.4 pct GDP growth for 2nd half of 2022

The Lao government will aim for gross domestic product (GDP) growth of at least 4.4 percent for the second half 2022 in line with the target of 192,145 billion kips (some 12 billion U.S. dollars).

According to local daily Vientiane Times report on Monday, the figure was reported by Lao Minister of Planning and Investment Khamjane Vongphosy at a meeting on Friday, chaired by Vice President of the National Assembly Sommad Pholsena.

According to the report on socio-economic development in the first half of this year and the plan for the remaining six months, GDP growth was recorded at 4.3 percent or 95,213 billion kips (some 6 billion U.S. dollars), equal to 49.6 percent of the plan.

"It is a big challenge for the government to achieve set targets given the overall situation and the uncertainties of domestic and external factors, but several sectors have provided significant contributions to growth, including agriculture, construction, wholesale and retail, energy and mining, and other sectors," Khamjane said.

The Lao government targeted a per capita GDP of 1,756 U.S. dollars and a per capita gross national income of 1,645 U.S. dollars. Meanwhile, the government will take steps to deal with the challenges that lie ahead in the remaining six months of 2022.

To achieve these goals, the government will continue to focus on essential priorities, including the management of currency exchange rates, stabilizing product prices, and effective management of inflation.