The Lao government is optimistic that the economy will grow by 4-4.5 percent in 2021 despite complex global changes and Laos' financial difficulties, according to local daily Vientiane Times report on Tuesday.
To ease budgetary tensions, the government will focus on attracting private investment to boost economic growth and poverty reduction efforts, the report said, noting that domestic and foreign investment currently represents more than 50 percent of the country's entire investment over the past five years.
The Lao government has announced that it will not only continue to improve the business climate but will also encourage private enterprises to take part in infrastructure development through build-operate-transfer (BOT) schemes and public-private partnerships.
Deputy Prime Minister and Minister of Planning and Investment Sonexay Siphandone told the National Assembly recently that the government will continue to facilitate the construction of mega projects in an attempt to accelerate growth.
These include the China-Laos railway which is now more than 90 percent complete, and the Vientiane-Vangvieng Expressway which is scheduled to open for public use in December, the report said.
In 2020, the economy is projected to grow by 3.3 percent.
One of the government's main goals over the next five years is to pursue sustainable development by balancing economic development with environmental protection, and using natural resources in an appropriate, sustainable and effective manner, according to the report.