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Economy of Laos

The economy of the Lao Peoples' Democratic Republic is rapidly growing, as the government began to decentralise control and encourage private enterprise in 1986. Currently, the economy grows at 8% a year, and the government is pursuing poverty reduction and education for all children as key goals. The country opened a stock exchange, the Lao Securities Exchange in 2011, and has become a rising regional player in its role as a hydroelectric power supplier to neighbours such as China, Vietnam and Thailand.

Laos remains one of the poorest countries in Southeast Asia. A landlocked country, it has inadequate infrastructure and a largely unskilled work force. The country's per capita income in 2009 was estimated to be $2,700 on a purchasing power parity-basis.

Sectors

Agriculture

Agriculture, mostly subsistence rice farming, dominates the economy, employing an estimated 85% of the population and producing 51% of GDP. Agricultural products include sweet potatoes, vegetables, corn, coffee, sugarcane, tobacco, cotton, tea, peanuts, rice; water buffalo, pigs, cattle, poultry.

Tourism

Tourism is the fastest growing industry in the economy and plays a vital role in the Lao economy. The government opened Laos to the world in the 1990s, and continues to be a popular destination amongst tourists.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Lao Peoples Democratic Republic"

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