A Retrospect of 2023 and Looking Ahead to 2024 in Laos
In order to avoid the further deterioration of the difficult economic situation in 2022,Laos underwent major person-nel changes at the top level in 2023.A new prime minister officially took office,accompanied by the replacement of 3 ministers in charge of finance,economy and critical industries,2 governors of important provinces and the governor of the central bank.The Sixth and Seventh Plenary Sessions of the Eleventh Central Committee of the Lao People's Revolutionary Party(LPRP)and the Fifth and Sixth Sessions of the Ninth National Assembly of Laos held in 2023 had special discussions on social and economic development.Diplomatically,Laos has continuously strengthened its relations with neighboring countries such as China,Vietnam and Cambodia.Through political,economic and diplomatic efforts,Laos reversed its economic decline in 2023 with the declining inflation rate and stable Kip value,and achieved positive economic growth.Looking ahead to 2024,the Lao government led by Prime Minister Sonexay Siphandonewill maintain stable to continue the plan to transfer part of the central financial power to lo-cal governments,strengthen the implementation of laws and improve judicial efficiency.The government will solve the three ma-jor economic problems of falling exchange rates,serious inflation and high prices.Foreign exchange control will be stricter and tax obligations will be increased.The focus will be on the development of tourism and the reform will be deepened in the state-owned enterprises.Policies for the key industries such as mining and energy will tend to be stable and the business environment will be further optimized.A series of home diplomatic events such as the ASEAN Summit under the rotating chairmanship of ASEAN will be the concentration of Laos'diplomacy in 2024.Cooperation with neighboring countries around international logis-tics and electricity will effectively develop Laos'national interests.With the advantage of the rapid benefits of the China-Laos Railway,the strengthening connectivity between China and ASEAN,the rotating chairmanship of ASEAN,and the Visit Laos Year and so on,it can be expected that Laos will usher in strong development in 2024.At the same time,Laos needs to be alert to emergencies in the world situation and guard against sudden natural disasters.
LaosASEAN ChairmanshipinflationASEAN2024 Visit Laos Year
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