The weak kip led to a decline in per capita gross domestic product (GDP) from $2,595 in 2021 to $1,824 in 2023, suggesting that people’s income has fallen in real terms amid rising living costs, he emphasized.
In recent years, the national economy continued to grow at an average of four percent per year, although the quality of growth was not high due to the devaluation of the currency, Vongphosy recalled in his speech to the National Assembly (Parliament), which met for its sixth ordinary session.
The Minister of Planning and Investment pointed out that economic growth will be 3.5 percent in 2021 and 4.4 percent in 2022. It is expected to be 4.2 percent in 2023 and 4.5 percentage points next year.
However, the inflation rate has averaged 33.69 percent in the last nine months, although it fell from 41.26 percent in February to 25.69 percent in September.
Vongphosy reiterated that the devaluation of the kip is one of the main factors driving inflation and rising prices, stating that the Lao currency lost 18.4 percent against the US dollar last September compared to its level at the end of 2022.
He further pointed out that the government has tried to improve the quality of government services, create employment opportunities for the local population to alleviate their poverty, and build the necessary infrastructure to support agricultural production and income generation for the local people to facilitate the population.
Lao parliamentarians also listened the previous day to Natural Resources and Environment Minister Bounkham Vorachit, who announced the executive branch’s intention To and issue 220,000 property titles during the year.
In the past 10 months, only 110,262 plots were registered and the corresponding titles issued, accounting for only 27.50 percent of the 2023 target of 400,000 plots, the owner reported, citing the Vientiane Times newspaper.
However, Bounkham said the government, local government authorities and the social sector had worked hard to overcome obstacles in the process, particularly related to forest land.
So far, the ministry has assessed more than three million properties nationwide, of which 1.5 million are registered and the remaining 1.6 million are expected to be completed in 2025.
yes/mpm