Lao People's Democratic Republic: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Lao PDR

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 171

Publication date: May 2023

ISBN: 9798400241246

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , National Accounts statistics , liquidity pressure , IMF statistics Department , transparency policy , Lao P , D , R , authorities , exchange market pressure , Exchange rates , Debt service , Global , Asia and Pacific

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Summary

Marked exchange rate depreciation following the global terms of trade shocks at the start of 2022 year brought high inflation and deteriorating living standards and caused substantial increases in the domestic currency values of public debt and bank liabilities. Nonetheless, growth continued, and the prospect is for a return to steady growth in 2023. But public debt is assessed to be unsustainable, and servicing government debt presents substantial risks to this outlook.