Laos is a landlocked country located in Southeast Asia bordered by Burma, Cambodia, China, Thailand, and Vietnam. Most of the country is mountainous and thickly forested, and the Mekong River forms a large part of the western boundary with Thailand. The government system is a Communist state; the chief of state is the president, and the head of government is the prime minister. Laos has a mixed economyA country's economic system which has both private and state... in which the government has implemented gradual economic and business reforms to liberalize its domestic markets. Laos is a member of the Asia-Pacific Trade AgreementAn agreement, usually between countries, to limit or change ... (APTA) and the Association of Southeast Asian Nations (ASEAN).
The economyThe management of money, currency and trade of a nation. The... of the Lao Peoples’ Democratic Republic is rapidly growing, as the government began to decentralise control and encourage private enterpriseA company or business. A business project, often one which i... in 1986. Currently, the economyThe management of money, currency and trade of a nation. The... 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 exchangeAn organised market place where shares in companies are trad..., the Lao Securities Exchange in 2011, and has become a rising regional player in its role as a hydroelectric power supplier to neighbors 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 capitaFor each person in the population. Per head. An expression o... income in 2009 was estimated to be $2,700 on a purchasing powerAlso called spending power, the amount of goods or services ... parity-basis.
The 1997 Asian Financial Crisis, coupled with the Lao government’s own mismanagement of the economyThe management of money, currency and trade of a nation. The..., resulted in spiraling inflationNormally referring to the economy of a country, inflation is... and a steep depreciation of the kip, which lost 87% of its value from June 1997 to June 1999. Tighter monetary policies brought about greater macroeconomic stability in FY 2000, and monthly inflationNormally referring to the economy of a country, inflation is..., which had averaged about 10% during the first half of FY 1999, dropped to an average 1% over the same period in FY 2000. In FY 1999, foreign grants and loans accounted for more than 20% of GDP and more than 75% of public investmentMoney or capital that is invested in a business or in an acc....
Important Details
- Country ISO3 : LAO
- Country Code : 418
- Income Group : Lower Middle Income
- Lending Category : IDA
- Region : East Asia and Pacific
- Currency Unit: Lao Kip
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : ASEAN, WTO
- world rank : 155
- Regional Ranking : 35th in the Asia–Pacific Region