Economy to grow in global financial crisis by 7%

(KPL) The economy of Lao would expand by 7.1 per cent for the current fiscal year even though the global financial crisis is raging, said a senior official of Ministry of Planning and Investment.
In February this year, it was forecasted that the gross domestic production would expand by 6.9 per cent of GDP but in early April the forecaster made an adjustment and said it would grow by 7.1 per cent.
This was said by Deputy Minister of Planning and Investment, Bounthavy Sisouphanthong when he attended a recent weekly meeting on drafting the 2009-10 socio-economic development and national budget plans.
He added that for the last six months of this fiscal year, the government had to work hard on many projects that were approved by the National Assembly and they are now being implemented.
“One project that was given top priority was how to overcome the current global financial crisis,” Mr Bounthavy highlighted and he added, “These projects of the government would be positive as it would drive the economic growth.”
In order to ensure the socio-economic growth as plan, each parties should pay into account the inspection work of investment projects approving by National Assembly, goods production project or projects that engaged in curbing global financial crisis, he urged.
An inspection of assistance project for flooding victims and repairing irrigation system needs to be firstly done in order adjust the price of petrol and construction material appropriating to decreased price.
Besides we also constantly asked assistance and loan from overseas, and mobilize more investments from domestic and international businesspeople to invest in other sector which account to 32 per cent of GDP. By focusing on improving other agricultural and other tool to be up-to-date, mechanisms and create an attracting strategy in forms of individual and multi-purposes.

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