{
  "title": "Lao People’s Democratic Republic: 2019 Article IV Consultation — Press Release; Staff Report; Statement by the Executive Director for Lao People's Democratic Republic",
  "publication": "IMF Staff Country Reports, August 8, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/08/08/lao-peoples-democratic-republic-2019-article-iv-consultation-press-release-staff-report-48577",
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  "summary": "This 2019 Article IV Consultation with Lao People’s Democratic Republic (P.D.R) analyses that after more than a decade of high growth with low inflation, country is solidifying its progress toward graduating from the Least Developed Country (LDC) status.",
  "sections": [
    {
      "heading": "Key findings and country context",
      "content": "- After more than a decade of high growth with low inflation, the country is solidifying its progress toward graduating from the Least Developed Country (LDC) status.\n- More than one-fifth of the population remains poor.\n- Regional disparities are persistent.\n- Recurring natural disasters pose risks for poverty reduction.\n- A large current account deficit, low level of reserves, a high level of debt, managed exchange rate, and a dollarized banking system amplify macro-vulnerabilities.\n- The authorities recognize the current economic challenges and have comprehensive reform programs aimed at rebalancing the economy from a resource based to a more diversified growth model by investing in human development and improving competitiveness.\n- Modernizing monetary governance and building reserves supported by greater exchange rate flexibility are recommended to help mitigate external shocks in an uncertain global environment."
    },
    {
      "heading": "Macro-vulnerabilities and financial system characteristics",
      "content": "- External sector:\n  - Large current account deficit.\n  - Low level of reserves.\n- Public and external debt:\n  - High level of debt.\n- Exchange rate and monetary conditions:\n  - Managed exchange rate.\n  - Dollarized banking system.\n- Poverty and social risks:\n  - More than one-fifth of the population remains poor.\n  - Recurring natural disasters threaten poverty reduction gains.\n- Structural features:\n  - Economy currently resource based; authorities aim to diversify growth."
    },
    {
      "heading": "Policy directions and reform priorities",
      "content": "- Rebalance the economy from resource based growth to a more diversified model.\n- Invest in human development to support inclusive growth.\n- Improve competitiveness to attract sustainable investment and growth.\n- Modernize monetary governance.\n- Build international reserves.\n- Increase exchange rate flexibility to better absorb external shocks."
    },
    {
      "heading": "Report and publication note",
      "content": "- This assessment is presented in the 2019 Article IV Consultation package for Lao People’s Democratic Republic.\n\nInternational Monetary Fund. Lao People’s Democratic Republic: 2019 Article IV Consultation-Press Release; Staff Report; Statement by the Executive Director for Lao People's Democratic Republic, August 8, 2019.\n\n---\n\n Content in this bundle\n\n- 1laoea2019002\n  - 1laoea2019002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1laoea2019002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 8, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513510491.002",
    "After more than a decade of high growth with low inflation, the country is solidifying its progress toward graduating from the Least Developed Country (LDC) status.",
    "More than one-fifth of the population remains poor.",
    "Regional disparities are persistent.",
    "Recurring natural disasters pose risks for poverty reduction.",
    "A large current account deficit, low level of reserves, a high level of debt, managed exchange rate, and a dollarized banking system amplify macro-vulnerabilities.",
    "The authorities recognize the current economic challenges and have comprehensive reform programs aimed at rebalancing the economy from a resource based to a more diversified growth model by investing in human development and improving competitiveness.",
    "Modernizing monetary governance and building reserves supported by greater exchange rate flexibility are recommended to help mitigate external shocks in an uncertain global environment.",
    "External sector:",
    "Public and external debt:",
    "Exchange rate and monetary conditions:",
    "Poverty and social risks:",
    "Structural features:",
    "Rebalance the economy from resource based growth to a more diversified model.",
    "Invest in human development to support inclusive growth.",
    "Improve competitiveness to attract sustainable investment and growth.",
    "Modernize monetary governance.",
    "Build international reserves.",
    "Increase exchange rate flexibility to better absorb external shocks.",
    "This assessment is presented in the 2019 Article IV Consultation package for Lao People’s Democratic Republic.",
    "**1laoea2019002**"
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