Laos expects 4.6 pct GDP growth in 2024

VIENTIANE, Nov. 29 (Xinhua) -- The Lao government anticipates that the gross domestic product (GDP) will grow by 4.6 percent in 2024, surpassing the National Assembly's approved target of 4.5 percent.

This growth is expected to be driven by the services, transportation, and wholesale and retail sectors, Lao national TV quoted Prime Minister Sonexay Siphandone as saying during the ongoing eighth ordinary session of the National Assembly's ninth legislature.

Sonexay highlighted the implementation of the socio-economic development plan, the state budget plan, and the 2024 monetary plan, emphasizing that the targets in these plans align with the national agenda on addressing economic and financial challenges.

Despite significant challenges over the past year, including inflation, exchange rate fluctuations, rising commodity prices, foreign debt burdens, and severe floods, the government has managed to sustain economic growth.