Publication:
Lao PDR 2023 - Forging Ahead: Restoring Stability and Boosting Prosperity

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-01-09T17:02:44Z
dc.date.available2024-01-09T17:02:44Z
dc.date.issued2024-01-09
dc.description.abstractThe Lao PDR is facing unprecedented macroeconomic challenges, which jeopardize hard-won development gains. Over the past two decades, the country attracted considerable foreign investment and fostered regional integration, which contributed to a long period of high economic growth. Many human development indicators improved during the period 2000–2019, including child and maternal mortality, school enrolment, income poverty, and gender equity. However, economic growth was predominantly driven by large-scale investments in capital intensive sectors, such as mining and hydropower, which created few jobs and entailed environmental costs. Moreover, many public investments were financed by external debt, gradually jeopardizing debt sustainability and macroeconomic stability. Long-standing structural vulnerabilities have been exacerbated by the impacts of the COVID-19 pandemic and adverse global macroeconomic conditions. Since 2021, the national currency has depreciated considerably, and inflation soared. This has had a large negative impact on living standards, with many households struggling to cope. Meanwhile, limited spending on education, health, and social protection is undermining human capital and thus economic growth prospects. Significant debt pressures, especially short-term external liquidity constraints, have pushed the country into debt distress. This Public Finance Review identifies priority reforms to restore macroeconomic stability and boost prosperity. The objective of this review is to assess recent macro-fiscal performance, evaluate emerging fiscal risks, and propose policy reforms to secure fiscal sustainability, restore macroeconomic stability, and promote shared prosperity. This report is comprised of five chapters covering the main aspects of fiscal management: chapter 1 evaluates recent macroeconomic performance while placing fiscal policy in the broader macroeconomic context. Chapter 2 assesses domestic revenue mobilization efforts and scope for reforms to enhance tax collection. Chapter 3 investigates the size and composition of public expenditure, as well as measures to increase its efficiency and effectiveness. Chapter 4 discusses reforms of state-owned enterprises with a view to improving their financial performance, operational management, and corporate governance. Chapter 5 documents the experience with public-private partnerships and provides recommendations to maximize value for money and reduce fiscal risks.en
dc.identifierhttp://documents.worldbank.org/curated/en/099120123031014987/P17777009e31da0510b2ee090dc949b25e9
dc.identifier.doi10.1596/40861
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40861
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp:// creativecommons.org/licenses/by/3.0/igo
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectREVENUE MOBILIZATION
dc.subjectPUBLIC EXPENDITURE
dc.subjectSTATE-OWNED ENTERPRISES (SOEs)
dc.subjectPUBLIC-PRIVATE PARTNERSHIP
dc.titleLao PDR 2023 - Forging Aheaden
dc.title.subtitleRestoring Stability and Boosting Prosperityen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleLao PDR 2023 - Forging Ahead: Restoring Stability and Boosting Prosperity
okr.date.disclosure2024-01-09
okr.date.lastmodified2023-12-03T00:00:00Zen
okr.doctypeEconomic & Sector Work::Public Expenditure Review
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/099120123031014987/P17777009e31da0510b2ee090dc949b25e9
okr.guid099120123031014987
okr.identifier.docmidP177770-9e31dad5-7985-4251-b2ee-90dc949b25e9
okr.identifier.doihttp://dx.doi.org/10.1596/40861
okr.identifier.externaldocumentum34205438
okr.identifier.internaldocumentum34205438
okr.identifier.report186136
okr.import.id2791
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099120123031014987/pdf/P17777009e31da0510b2ee090dc949b25e9.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryLao People's Democratic Republic
okr.sectorCentral Government (Central Agencies)
okr.themePublic Expenditure Policy,Data Development and Capacity Building,Economic Policy,Public Finance Management,Fiscal Policy,Domestic Revenue Administration,Debt Policy,Public Sector Management,Fiscal sustainability,Data production, accessibility and use
okr.topicFinance and Financial Sector Development::Public & Municipal Finance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitEFI-EAP-MTI-MacroFiscal-1 (EEAM1)
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