ID :
67376
Wed, 06/24/2009 - 11:26
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https://oananews.org//node/67376
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GDP to grow 7.8 per cent this fiscal year
(KPL) The Prime Minister, Bouasone Bouphavanh projected that the Gross Domestic Products (GDP) of Laos would be 7.8 per cent this current fiscal year and slightly below its target of 8 per cent.
He said this during the 7th Ordinary Session of National Assembly (6th legislature) in Vientiane Capital on 22 June. The average per capita income is 8.7 million kip for this fiscal year.
PM Bouasone said the shortfall in the GDP for this fiscal year is due to the global financial crisis and volatility in the price of oil and commodities. He also projected that the agricultural, industrial and services sectors would increase by 3.1 per cent, 12.5 per cent and 7.7 per cent respectively.
Although the production of certain commodities, like coffee for example had been ramped this current fiscal year but its international price tumbled. For this year the socio-economic development of the country faced serious problems and one of them was the damages caused by flooding in certain localities. While the volume of export reached 52 per cent compared to the plan was decreased by 5 per cent.
Although some achievement would not reach the target of annual plan, it would not much impact to Lao socio-economic development. The revenue in this fiscal year would fail the target plan was set about 500 billion kip or equals to 6.53 per cent of target plan, according to the Ministry of Finance.The Government proposed the NA to decrease the growth of GDP in 2008-09 fiscal year, from 8 per cent to 7.5 per cent without revision of expenditure plan.At the same time, the Ministry of Finance said that if it would not be revised the expenditure plan, the deficit should be increased.
The ministry also proposed the revision of budget deficit number should from 4.56 per cent to 5 per cent of GDP.The Government was not agreed to revise the expenditure plan because the implementation of the expenditure plan is the main measure for strengthening the economic growth and social development.
Economy would grow, if Government use the state expenditure to invest in other sector or necessary programmes.In order to balance between income and expenditure plan, the government would make the most effort to exert the new potential to fetch the income and protect the leakage of state income. In addition, the Government would mobilize the grant assistance and loan money from friendly countries.
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He said this during the 7th Ordinary Session of National Assembly (6th legislature) in Vientiane Capital on 22 June. The average per capita income is 8.7 million kip for this fiscal year.
PM Bouasone said the shortfall in the GDP for this fiscal year is due to the global financial crisis and volatility in the price of oil and commodities. He also projected that the agricultural, industrial and services sectors would increase by 3.1 per cent, 12.5 per cent and 7.7 per cent respectively.
Although the production of certain commodities, like coffee for example had been ramped this current fiscal year but its international price tumbled. For this year the socio-economic development of the country faced serious problems and one of them was the damages caused by flooding in certain localities. While the volume of export reached 52 per cent compared to the plan was decreased by 5 per cent.
Although some achievement would not reach the target of annual plan, it would not much impact to Lao socio-economic development. The revenue in this fiscal year would fail the target plan was set about 500 billion kip or equals to 6.53 per cent of target plan, according to the Ministry of Finance.The Government proposed the NA to decrease the growth of GDP in 2008-09 fiscal year, from 8 per cent to 7.5 per cent without revision of expenditure plan.At the same time, the Ministry of Finance said that if it would not be revised the expenditure plan, the deficit should be increased.
The ministry also proposed the revision of budget deficit number should from 4.56 per cent to 5 per cent of GDP.The Government was not agreed to revise the expenditure plan because the implementation of the expenditure plan is the main measure for strengthening the economic growth and social development.
Economy would grow, if Government use the state expenditure to invest in other sector or necessary programmes.In order to balance between income and expenditure plan, the government would make the most effort to exert the new potential to fetch the income and protect the leakage of state income. In addition, the Government would mobilize the grant assistance and loan money from friendly countries.
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