Laos is a Southeast Asian country famous for hilly terrains, French colonial architecture, hill tribe settlements and Buddhist monasteries. It is one of the few remaining one-party communist states.
The economy of the Lao People’s Democratic Republic is rapidly growing. The country owes this to decentralized government control and encouragement of private enterprise since 1986. Currently, Laos emerges amongst the world’s fastest growing economies, averaging 8% a year in GDP growth.
Economic growth in 2019 will remain strong with solid energy exports, continued infrastructure spending, and higher FDI inflows. The government desires to achieve upper-middle-income status by 2030, but obstacles to economic freedom persist. These includes taxing, bureaucracy, weak property rights, strict governmental and regulatory controls.
Despite that, Laos continues to invite in foreign investment with its strong ties with the larger ASEAN community. Adding to the appeal is its abundant, young workforce, and favorable tax treatment.
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