ラオスの投資環境 （２）

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Economic overview

 

By 2006, the Lao GDP growth rate stood at 7.2% and expected to increase to 7.5% by 2007. Since the late 1980s, the government’s economic policy has been shifted from a centralized, planned economy toward an open, liberalized, market-oriented economic system. The foreign exchange markets have been opened and the kip floats freely based on supply and demand in relationship to the exchange rate in the "parallel market." Formal exchange controls have been lifted.

 

In 1995, the Lao currency (kip) started to devaluate. The value of kip against US dollar fell from 726 kip per 1 USD in 1994 to 936 kip per 1 USD in 1995. In August 1999, kip reached its lowest point, being traded at a market price of 9,705 kip per 1 USD. After that critical point, the value of kip began to increase and stabilize. From January to October 2000, the exchange rate of kip against USD was bouncing in a narrow margin with the average rate of 7,894.4 kip per 1 USD. By 2006, the average exchange rate was at 10,677 kip per 1 USD.

 

The average consumer price index in Laos from 1988 to 1997 was 20.447%. After the Asian financial crisis erupted, the value of kip fell sharply. As a result, inflation rate rapidly increased. In 1998, the inflation rate reached a peak of 147,78%. In the third quarter of 1999, however, inflation began to ease. According to the Bank of Lao PDR, the average inflation rate of the year 2000 is 87.3%. In 2001, consumer price inflation was at 17.8%. The average inflation rate then felt to 5.8% in the year 2006.

	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006
Real GDP growth %	7.1	6.9	6.9	4.0	7.3	5.8	5.8	5.9	5.8	6.9	7.3	7.2
Average inflation %	14.4	42.0	46.7	147.78	54.0	87.3	17.88	13.36	27.72	12.2	6.9	5.8
Yearly average exchange rate (kip/US$)	850	952	1350	3548	7768	8022	9000	10,166	10,664	11,483	10,677	10,532

 

Laos joined ASEAN in

1997 and is a member country of the World Bank, the Asian Development Bank, and the IMF, and is in the process of applying to join the WTO. Tariffs in Laos are below the average rate of the ASEAN countries. Over 60% of recorded imports enter the country under some form of incentive duty reduction scheme. There are no price controls in Laos, although there is government supervision in pricing of petroleum products and electricity and telecommunications rates. Though imports exceed exports, exports have expanded more rapidly.

 

 Balance of Trade and Current Account 

	2000-01	2001-02	2002-03	2003-04	2004-05	2005-06
Exports US$ million	324.9	322.6	352.6	374.3	455.6	621.7
Imports US$ million	528.3	533.6	551.1	561.8	686	931.4