The Lao government hopes to get rid of the status of the least developed country (LDC) by 2026 at the latest, and calls on the economic sector to prepare for a smooth transition to achieve this goal. Vientiane Times Reported on November 12.
Earlier this year, the country’s Development Policy Committee formulated this vision and recommended that Laos be given an extended five-year preparation period to get rid of its status as a least developed country.
At present, Laos is the poorest country in Southeast Asia along with Myanmar, Cambodia and East Timor. It is the only least developed country in the world with Bangladesh, Afghanistan, Bhutan and Yemen, 33 African countries, three Oceanian island countries, and Haiti. s country.
Annual per capita gross national income is less than US$1,025
The United Nations currently defines a country as a least developed country as having an annual gross national income of less than US$1,025 and US$1,230 upon graduation. It also considers indicators of nutrition, health, education and adult literacy, as well as the scope of economic and political stability.
According to the report, in Laos, the severe situation of the Covid-19 pandemic and its impact on the economy and people’s daily lives may reverse the country’s hard-won socioeconomic development in the past few decades and further increase Laos’ vulnerability. famous.
Seek more investment in human capital
Lao government officials stated that the urgency is particularly relevant to the key departments responsible for meeting the graduation criteria of the least developed countries, including more investment in human capital.
They added that all these efforts must be carried out in cooperation with development partners to ensure that any impact caused by the loss of international support for the least developed countries “will not limit the country’s development momentum”.
Sara Sekkenes, the United Nations Resident Coordinator for Laos, said that becoming a developing country with a less fragile economy, stronger human assets, and rising gross domestic product will eventually become an upper-middle income country, which can become a promotion for Laos to “achieve a sustainable economy for all.” The engine of sustainable development. . “
However, the target still seems ambitious, as Laos has repeatedly proposed target dates for overcoming the status of least developed country in the past, most recently starting from 2024 based on 2018 projections.
In a project led by Helvetas, a Swiss-German development organization, a village in Laos dried tea According to a report by the Vientiane Times on November 12, the Lao government hopes to get rid of the least developed country (LDC) status by 2026 at the latest, and calls on the economic sector to prepare for a smooth transition to achieve this goal. The country’s Development Policy Committee formulated earlier this year and recommended that Laos be given an extended five-year preparation period to get rid of its status as a least developed country. For now, Laos is the poorest country…
The Lao government hopes to get rid of the status of the least developed country (LDC) by 2026 at the latest, and calls on the economic sector to prepare for a smooth transition to achieve this goal. Vientiane Times Reported on November 12.
Earlier this year, the country’s Development Policy Committee formulated this vision and recommended that Laos be given an extended five-year preparation period to get rid of its status as a least developed country.
At present, Laos is the poorest country in Southeast Asia along with Myanmar, Cambodia and East Timor. It is the only least developed country in the world with Bangladesh, Afghanistan, Bhutan and Yemen, 33 African countries, three Oceanian island countries, and Haiti. s country.
Annual per capita gross national income is less than US$1,025
The United Nations currently defines a country as a least developed country as having an annual gross national income of less than US$1,025 and US$1,230 upon graduation. It also considers indicators of nutrition, health, education and adult literacy, as well as the scope of economic and political stability.
According to the report, in Laos, the severe situation of the Covid-19 pandemic and its impact on the economy and people’s daily lives may reverse the country’s hard-won socioeconomic development in the past few decades and further increase Laos’ vulnerability. famous.
Seek more investment in human capital
Lao government officials stated that the urgency is particularly relevant to the key departments responsible for meeting the graduation criteria of the least developed countries, including more investment in human capital.
They added that all these efforts must be carried out in cooperation with development partners to ensure that any impact caused by the loss of international support for the least developed countries “will not limit the country’s development momentum”.
Sara Sekkenes, the United Nations Resident Coordinator for Laos, said that becoming a developing country with a less fragile economy, stronger human assets, and rising gross domestic product will eventually become an upper-middle income country, which can become a promotion for Laos to “achieve a sustainable economy for all.” The engine of sustainable development. . “
However, the target still seems ambitious, as Laos has repeatedly proposed target dates for overcoming the status of least developed country in the past, most recently starting from 2024 based on 2018 projections.
