The government of Laos has suggested the National Assembly to reduce the country’s growth target from 8 percent to 7.5 percent for the last six months of the 2008-2009 fiscal year and during the next 2009-2010 fiscal year.
The decision was agreed at the regular meeting of the Lao government from Apr. 22-24, during which cabinet members reviewed overall socio-economic situations in the first six months of the 2008-2009 fiscal year.
During the period, Laos’ economy expanded by 7.1 percent, which is 1 percentage point less than planned. However, major economic sectors including agriculture, industry and services saw increase ranging from 3 percent to 12.5 percent.
Government officials also set development targets for the 2009-2010 fiscal year, including raising the country’s rice output to 3.3 million tonnes, producing over 7 billion kWh of electricity, exporting 1 billion USD worth of goods, attracting 2 million international visitors and reducing the number of poor households by 3 percent./.