Currently, Laos ranks amongst the fastest growing economies in the world, averaging 8% a year in GDP growth. It is also forecasted that Laos will sustain at least 7% growth through 2019 as well.
Why is Laos growing so fast?
Laos is growing rapidly thanks to high economic growth since the early 2000s. Its GDP growth rate has hovered around 7 percent since 2000, which makes Laos one of the fastest-growing countries in Asia. … Key sectors such as agriculture, tourism and infrastructure continue to be strong focus areas in Laos‘ development.
Is Laos improving?
Laos is among the least developed and poorest countries in Asia, but significant economic growth in the past decade has benefited the country. Challenges remain, however, and the Lao economy remains dependent on external demand for its natural resources, particularly mining, hydropower and forestry.
Is Lao overpopulated?
People from Laos are called the Laotians (the Lao refers to an ethnic group). With a population of around 6.7 million people (estimated 2012), Laos is one of the least populated and least densely-populated countries in Asia. Thailand has seven times as many people per square mile as Laos.
Is Laos the poorest country?
Despite rapid growth, Laos remains one of the poorest countries in Southeast Asia. A landlocked country, it has inadequate infrastructure and a largely unskilled work force.
Is Laos safe?
Crime and safety. Laos is a relatively safe country for travellers, although certain areas remain off-limits because of unexploded ordnance left over from decades of warfare. As a visitor, however, you’re an obvious target for thieves (who may include your fellow travellers), so do take necessary precautions.
What is the religion of Laos?
Theravada Buddhism is the dominant religion of the ethnic or “lowland” Lao, who constitute 53.2 percent of the overall population. According to the LFNC and MOHA, the remainder of the population comprises at least 48 ethnic minority groups, most of which practice animism and ancestor worship.
Why is Laos population so low?
This low ratio may be due to military activity, underreporting, and/or large scale out-migration. Many people have gone to Thailand and most were the former Lao elite and the educated middle class. 44% of the population was 15 years and 50% between 15-59 years.
Is Laos still socialist?
The Lao People’s Democratic Republic is one of the world’s only socialist states openly endorsing communism. The only legal political party is the Lao People’s Revolutionary Party (LPRP). … As of 22 March 2021 the head of state is President Thongloun Sisoulith.
Why is Laos in debt?
In September 2020, Laos’ foreign exchange reserves had reached an all-time low of $1 billion. This depletion in its reserves was critical as the levels of its debt repayments exceeded the foreign reserves, pushing the small country to the brink of defaulting on its sovereign debt.