World Bank urges Laos to raise VAT, increase taxes

World Bank urges Laos to raise VAT, increase taxes

According to Radio Free Asia, World Bank Representative in Laos Alex Kremer stated in a report last month that the Lao government should invest more in health care and education to lay the foundation for future development.

Laos' economy has struggled with rapidly rising prices, low levels of foreign investment and public debt. Public debt could increase to 125% of GDP by 2024. By the end of 2022, the country's debt reached $18.7 billion. More than half of the debt is from China.

Cramer believes that debt has undermined the country's macroeconomic stability and slowed economic growth.
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