Laos, officially known as the Lao People's Democratic Republic, is a socialist country that became independent from France in 1949 and has been ruled by a communist government since 1975. Despite being considered one of the countries with the lowest degree of economic freedom, the presence of private companies in the country has increased since the new policies of decentralization of control and promotion of private initiative of the government implemented in 1986.
80% of the population of Laos is engaged in subsistence agriculture. While the country still requires progress in terms of infrastructure, especially in rural areas, its growth in recent years gives hope for the change that is gaining momentum. An example of this is its position as one of the emerging powers in renewable energy in the region, specifically in hydroelectric power.
ASEAN seems to have encouraged the emergence of new investment opportunities in the country, particularly in the real estate, energy, transport and manufacturing sectors. Tourism as a sector has also grown in recent years. The country even has a strategic national plan for ecotourism in the country.
A curious fact: the local beer "Beerlao" is produced from rice and has won international awards, including from Monde Selection.
GDP Growth rate:
Lao (official), French
Laos is a LOW-MIDDLE income FRONTIER economy
Important ASEAN energy generator
Rich in natural resources
Increasing demand for consumer goods
High growth Sectors