老挝人民民主共和国经济监测，2025年12月：巩固最近的改革势头，促进宏观经济稳定和增长

ConsolidatingRecentReformMomentumforMacroeconomicStabilityandGrowthPublic Disclosure Authorized ThematicSection:PreservingLaoRoadAssets LAOPDRECONOMIC MONITORIDECEMBER2025 ConsolidatingRecentReform MomentumforMacroeconomicStabilityandGrowth ThematicSection:PreservingLaoRoadAssets @2025InternationalBankforReconstructionandDevelopment/TheWorldBank1818HStreetNW,Washington,DC20433Telephone:202-473-1000;Internet:www.worldbank.org Somerightsreserved. Thisworkisaproduct ofthestaff oftheWorldBankwithexternalcontributions.Thefindings, interpretations,andconclusionsexpressed inthisworkdo notnecessarilyreflect theviewsoftheWorld Bank, itsBoardofExecutiveDirectors,orthegovernmentstheyrepresent.TheWorld Bank doesnotguaranteetheaccuracyofthedataincludedinthiswork.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthe partofTheWorld Bankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries. Nothinghereinshallconstituteorbeconsideredalimitationuponor waiveroftheprivilegesandimmunitiesoftheWorldBank,allofwhicharespecificallyreserved. RightsandPermissions Thisworkisavailable under theCreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)http://creativecommons.org/licenses/by/3.0/igo.UndertheCreative CommonsAttributionlicense,youareetocopy,distribute, transmit,andadaptthis work, including forcommercialpurposes,underthefollowingconditions: Attribution-WorldBank.LaoPeople'sDemocratic RepublicEconomic Monitor:December2025.Washington,DC:WorldBank.2025.License:CreativeCommonsAttributionCCBY3.0IGO Translations-Ifyoucreateatranslation of thiswork,pleaseaddthefollowingdisclaimeralongwiththeattribution:ThistranslationwasnotcreatedbytheWorldBank andshouldnotbeconsideredanofficialWorldBanktranslation.theWorldBankshall notbeliableforanycontentorerrorinthis translation. Adaptations-Ifyou create an adaptation ofthis work,please add the following disclaimer alongwith theattribution:Thisisanadaptation ofanoriginalwork bythe World Bank. Viewsand opinionsexpressed intheadaptationarethesoleresponsibilityoftheauthororauthorsoftheadaptationandarenotendorsedbytheWorldBank. Third-partycontent-TheWorldBank doesnotnecessarily owneachcomponentofthecontentcontainedwithinthework.TheWorldBankthereforedoesnotwarrantthattheuseofanythird-partyownedindividualcomponentorpart containedintheworkwillnot infringeontherightsofthosethirdparties.Theriskofclaimsresultingfromsuchinfringementrestssolelywith you.Ifyouwish tore-use acomponentofthework,itisyourresponsibility todeterminewhether permission isneeded forthatre-use andto obtain permission from the copyrightowner.Examplesofcomponentscaninclude, butarenot limitedto,tables,figures,orimages. AllqueriesonrightsandlicensesshouldbeaddressedtoWorld BankPublications,TheWorld Bank Group,1818HStreetNW,Washington,DC20433,USA;e-mail:pubrights@worldbank.org. Layout:PaulBloxham. Contents Abbreviations................................................................vAcknowledgements...........................................................viExecutiveSummary..........................................................vPartA.RecentEconomicDevelopmentsandOutlookintheLaoPDR..................11.Realsector:Tourismandnetexportscontributetoapickupingrowth.............22.Labormarket:Lackofopportunityfuelsmigrationandareturntofarming.........33.Inflation:Disinflationduetocurrencyappreciation..............................4andfallingcommodityprices4.Externalsector:CurrentaccountsurplusandrobustFDIcontributeto.............4externalbuffersandcurrencyappreciation5.Fiscaldevelopments:Improvedrevenuesandmoderatespending.................6support consolidationamidongoingfiscalpressures6.MonetaryandFinancialSectordevelopments:..................................9PolicytighteninghelpscontainmonetaryexpansionOutlookandRisks............................................................11PolicyRecommendations.....................................................14Annex.KeyMacroeconomicIndicators...........................................16PartB.PreservingLaoRoadAssets.............................................171.Introduction:ARoadNetworkUnderFiscalStress..............................182.TheLaoRoadNetwork:Size,Conditions,andUtilization.........................183.KeyFactorsforRoadNetworkDeterioration...................................204.InvestmentNeedsandPriorities.............................................205.FundingSources:CurrentMix,Gaps, andOptions..............................216.InstitutionalModernization..................................................22 Figures Figure1.RealGDPgrovth..............................................................................2Figure2.Touristarrivals................................................................................2Figure3.Transportvolume............................................................................3Figure4.Merchandiseexports...................................................................