△Laos.
Laos" gross domestic product (GDP) expanded 4.8 percent year-on-year in the first half of 2023 to about 118 trillion Lao kip (about 6 billion U.S. dollars) as production and service sectors have enjoyed continued growth following the eased COVID-19 pandemic.
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Briefing the fifth ordinary session of the National Assembly (Ninth Legislature) of Laos on Monday, about the assessment of the implementation of the National Socio-economic Development Plan in the first six months of 2023, Lao Minister of Planning and Investment Khamjane Vongphosy said the main factors behind the continued economic growth included services, wholesale and retail, tourism, and transport.
The Lao government has implemented a tight monetary policy to ensure monetary and price stability and contribute to economic recovery and strengthen the economic foundation, including the increasing primary interest of Laos" central bank, Lao News Agency reported on Monday.
In addition, Laos" central bank set up a new department to help increase the flow of foreign currency through the banking system and effectively handle foreign currency reserves, which will also lead efforts to stabilize the value of the Lao kip against foreign currencies and encourage greater circulation of domestic currency and goods so that the national currency maintains a stable value.
The government has endorsed a credit policy to boost the economy in line with its policy on developing a spearhead economy, regional economy, and export-oriented production and promoting microenterprises, and small and medium enterprises.
The Lao National Assembly"s ninth legislature kicked off its fifth ordinary session on Monday, which will last through July 18, opening the floor for members of the parliament to discuss economic issues.
Source: Xinhua
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