VIENTIANE, Oct. 24 (Xinhua) -- Lao government has asked the National Assembly (NA) to lower economic growth target over the next four years after encountering difficulties that resulted in failure to meet the target set for last fiscal year.
According to a proposal made by Lao Prime Minister Thongloun Sisoulith at the ordinary session of Lao NA's Eighth Legislature Monday, average economic growth target over the next four years will be 7.2 percent, lower than the previous target of at least 7.5 percent set in the five-year National Socio-economic Development Plan for 2016-2020.
Under the proposed plan, economic growth targets have been revised to seven percent for 2017 and 2018, with a slight increase to 7.3 percent in 2019, rising further to 7.5 percent in 2020.
Through thorough and objective analysis and discussions at the plenary meetings of the Central Party Committee and Politburo, the government has recognized the need to ask the NA to revise the macro targets, the PM was quoted by local Vientiane Times as saying at the session.
During last fiscal year of 2015-2016, which ended in September, Lao economic growth was just 6.9 percent. The new fiscal year 2017 will begin on Jan. 1.
