Laos GDP Annual Growth Rate2022 Data | 2023 Forecast | 1989-2021 Historical | Chart

Name: Laos GDP Annual Growth Rate
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Keywords: Laos,GDP Annual Growth Rate,data,chart,actual,historical,values,calendar,forecast,graph,2021,2022,2023

GDP Annual Growth Rate in Laos decreased to 0.20 percent in 2020 from 5.20 percent in 2019. source: Bank of the Lao PDR

GDP Annual Growth Rate in Laos averaged 6.67 percent from 1989 until 2020, reaching an all time high of 9.90 percent in 1989 and a record low of 0.20 percent in 2020. This page provides - Laos GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Laos GDP Annual Growth Rate - values, historical data and charts - was last updated on January of 2022.

GDP Annual Growth Rate in Laos is expected to reach 3.50 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Laos GDP Annual Growth Rate is projected to trend around 4.80 percent in 2022 and 5.00 percent in 2023, according to our econometric models.

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Laos GDP Annual Growth Rate

Laos is one of the poorest countries in the world. Still a communist state, in recent years Laos opened its economy to private initiative and foreign direct investments. As a result, Laos started to exploit its hydropower, precious metals and wood resources. The country is heavily dependent on agriculture (33 percent of GDP) as it employs around 80 percent of the population. Tourism (11 percent of GDP) is the second largest earner of foreign currency and is growing rapidly. In spite of the recent developments, the government relies extensively on foreign aid to fund its budget and infrastructure development.