VIENTIANE, Sept. 29 (Xinhua) -- Firm economic growth is expected for Lao economy in 2017 and 2018, the Asian Development Bank (ADB) forecasts in its latest annual flagship economic publication, Asian Development Outlook (ADO) 2017 Update, according to ADB website on Friday.
Lao economic growth is on track to reach 6.9 percent in 2017 as foreseen in April this year, despite a slightly sluggish growth by 6.8 percent in the first half of the year, said the report.
Growth in 2017 is driven mainly by strong electricity exports, the construction of large infrastructure projects, and a surge in cash crop production and exports. The report forecasts 7 percent of gross domestic product (GDP) growth for 2018.
"Lao economy is performing well in the Southeast Asian region. The measures taken in 2016 and early 2017, including curtailing spending and boosting private sector investments, appear to further support economic growth," said Yasushi Negishi, ADB country director for Lao.
