The National Assembly last Friday agreed to approve the goals set under the 8th Five-Year Socio-Economic Development Plan (2016-2020), the 10-Year Socio-Economic Development Strategy (2016-2025), and the Vision 2030, which was proposed by new Prime Minister Thongloun Sisoulith.

Over the next 10 years, the government will strive to drive economic growth continuously with Gross Domestic Product (GDP) envisioned to increase fourfold compared to the GDP figure in 2015, increasing at least 7.5 percent annually.

The Government will also expects an average increase of 3.2 percent in the Forestry and Agriculture sector, a 8.9 percent increase in the service sector, and a 9.3 percent increase in the industry sector doubling the 2015 figure.

The government will also strive to reduce the poverty rate to not more than 5 percent of the entire population by 2025. The poverty rate is set to fall to less than 10 percent of the total population by 2020.

The objective is to remove Laos from Least Developed Country status by 2020 and attain upper middle income country status by 2030.

The government will work to ensure that Laos has many international friends and can integrate economically with the region and the world.

The implementation of the resolution will enable Laos to enjoy political stability, national security and social order.

Source:
courtesy of KPL NEWS AGENCY

by Litdavong

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]