A brief overview of the Laos economy
Laos is an emerging economy.
In 2019, the country's GDP was 20,2 billion US dollars. GDP per capita is 2 670 US dollars.
The World Bank forecasts that the Laos economic growth will continue in 2021-2022 and will be mainly driven by significant inflows of foreign investment in large infrastructure projects, including the Laos-China railway.
The basis of the economy is agriculture (about 50% of GDP), industry (40%), and services (10%).
Laos is mainly an agricultural country; about 85% of the population is employed in agriculture.
The main farm crop is rice (grown on 90% of the arable land).
Corn, sweet potatoes, sugarcane, tobacco, cotton, tea, peanuts are also grown.
The Lao industry is not well equipped technically. The most developed is mining.
The main contribution to GDP is made by the extraction of oil, copper, tin, gold and gypsum.
The service sector is largely focused on trading and catering services.
The main imports are:
♦ telecommunication equipment;
♦ metal structures;
♦ rolled metal products;
♦ hydraulic turbines.
The most prospective export positions of Belarusian enterprises to Laos are:
♦ chemical products (polyamides, fiberglass);
♦ dairy products (skimmed and whole milk powder, milk whey powder, powdered infant formula);
♦ optical measuring instruments and equipment;
♦ pharmaceutical products.