The Lao People’s Democratic Republic (Lao PDR) has had exceptional growth over the past three decades, with its gross domestic product growing at an average rate of 7% each year. However, the country’s abundant natural resources have been extensively capital intensively used, leading to restricted job prospects.
As a result, inequality has increased while the rate of poverty reduction has slowed. Given that the majority of the poor still rely on rural agriculture for their living, expanding the agriculture sector’s productivity and creating new job possibilities in the tourism industry will both assist combat poverty and promote inclusive growth. The Lao PDR’s development accomplishments are examined in this report along with policy suggestions for further the growth of the agricultural and tourism industries.
The Lao PDR has a sizable population and an abundance of rich land. Its diverse geography and climate are ideal for growing a wide range of agricultural goods. Despite the fact that the limited use of chemical inputs has contributed significantly to low agricultural output, this apparent limitation can actually be used to your benefit.
Consumers in nearby nations believe Lao agricultural products to be clean and secure. The report advises promoting organic farming for both local and export markets, especially by tourism-related businesses. The report emphasizes the critical need for funding for research, extension, and irrigation in order to increase agricultural productivity.
