GENERAL OVERVIEW

Lao People’s Democratic Republic is a land-locked country with population of 6.75 million[1] in 2017 and the GDP value of USD 17.09 billion. Lao PDR is one of the fastest growing economies in the region and globally as the GDP growth averaged at 7.8% over the last decade. Previously, agriculture constituted the main economic sector, accounted for over 50% of Lao PDR GDP. However recent expansion on manufacturing has been shifting GDP share in Lao PDR. Currently, agriculture sector contributes to 23% of Lao PDR GDP while the industry and services sectors contribute to 33% and 37% respectively. The country aims to accelerate its development and to end its status of a least-developed country by 2020. Vientiane (or Viangchan) is the capital city of the country and the official language is Lao.

[1] ASEAN Secretariat. ASEAN Statistical Leaflet 2018