Xinhua
21 Sep 2022, 21:35 GMT+10
VIENTIANE, Sept. 21 (Xinhua) -- The Asian Development Bank (ADB) has lowered its 2022 economic growth outlook for Laos to 2.5 percent from 3.4 percent projected in April and to 3.5 percent from 3.7 percent for 2023.
The slower growth projection is linked to supply disruptions and rising commodity prices which have increased inflationary pressures, according to an updated report released on Wednesday from the ADB website.
The downgraded economic growth forecast comes amid sluggish global demand and the tightening of monetary policy to manage inflation.
Most businesses returned to normal operations in the first half of the year, and international tourist arrivals have begun to pick up.
However, volatile prices, particularly for oil, have increased the cost of living, resulting in a softening of domestic consumption. Sharp increases in the price of fertilizer, animal feed, food, and fuel discouraged activity in agriculture and manufacturing. These trends delayed economic recovery, said the ADB.
Rising prices are threating the welfare of households in Laos, particularly poor households, entailing risks to food and nutrition security for families. This is creating challenges not only for the people, but also for public finances, according to the bank.
Get a daily dose of Cambodian Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cambodian Times.
More InformationWASHINGTON DC, - U.S. President Donald Trump has claimed a ceasefire has been reached between Israel and Iran. He made the claim on...
DUBAI, U.A.E.: British Iranians living in the U.K. are taken aback when they try to reach their families in Tehran on the phone and...
BRASILIA, Brazil: Former Brazilian President Jair Bolsonaro is accused of playing a key role in an illegal surveillance operation orchestrated...
ANKARA, Turkey: A Turkish far-right politician went on trial Wednesday, facing charges of inciting public hatred—an episode critics...
LONDON, U.K.: In a landmark moment for Britain, lawmakers in the House of Commons have voted in favour of legalising assisted dying,...
Western support for Israel's right to strike Iran backs up a pattern of pre-emptive violence that critics say is further eroding international...
Mumbai (Maharashtra) [India] June 24 (ANI): The Board of Control for Cricket in India (BCCI) expressed profound grief and sorrow at...
(250624) -- EAST RUTHERFORD, June 24, 2025 (Xinhua) -- FC Porto's Pepe (R) breaks through during the group A match between FC Porto...
New Delhi [India] June 24 (ANI): Indian Rugby Football Union President Rahul Bose claimed that in India, out of 760 districts, Rugby...
FLORIDA, 24th June, 2025 (WAM) -- Palmeiras rallied from two goals down to snatch a 2-2 draw against Inter Miami and qualify top of...
CHENGDU, June 24 (Xinhua) -- Jin Dong, 23, may have never read Faust, but he's among the first to play faustball on the Chinese mainland....
(250624) -- MIAMI, June 24, 2025 (Xinhua) -- Palmeiras' Estevao arrives at the stadium before the group A match between Inter Miami...