World Bank: Better business environment vital to sustain strong growth in Laos
VIENTIANE (Vientiane Times/ANN) – Deepening reforms to improve the business environment, advance connectivity with neighbours and boost the productivity of local firms are essential to sustain strong growth in Laos.
These are the key messages delivered by the World Bank in a statement titled ‘Doing business in the Lao PDR’ published on its website.
Although Laos has experienced rapid economic growth over the past 25 years, this growth has contributed to lower rates of poverty, it has not been widely shared, and inequality has widened, the statement said.
Growth over the past years has been largely attributed to natural resource-based sectors, large infrastructure projects, and public sector spending.