Economy[edit]
Main article: Economy of Laos
About 80% of Laos population practices subsistence agriculture.
The Lao economy depends heavily on investment and trade with its neighbours, Thailand, Vietnam, and, especially in the north, China.Pakxe has also experienced growth based on cross-border trade with Thailand and Vietnam. In 2009, despite the fact that the government is still officially communist, the Obama administration in the US declared Laos was no longer a marxist-leninist state and lifted bans on Laotian companies receiving financing from the U.S. Export Import Bank.[77] In 2011, the Lao Securities Exchange began trading. In 2012, the government initiated the creation of the Laos Trade Portal, a website incorporating all information traders need to import and export goods into the country.
Subsistence agriculture still accounts for half of the GDP and provides 80% of employment. Only 4.01% of the country is arable land, and a mere 0.34% used as permanent crop land,[78] the lowest percentage in the Greater Mekong Subregion.[79] Rice dominates agriculture, with about 80% of the arable land area used for growing rice.[80] Approximately 77% of Lao farm households are self-sufficient in rice.[81]
Through the development, release and widespread adoption of improved rice varieties, and through economic reforms, production has increased by an annual rate of 5% between 1990 and 2005,[82] and Lao PDR achieved a net balance of rice imports and exports for the first time in 1999.[83] Lao PDR may have the greatest number of rice varieties in the Greater Mekong Subregion. Since 1995 the Lao government has been working with theInternational Rice Research Institute of the Philippines to collect seed samples of each of the thousands of rice varieties found in Laos.[84]
Economy[edit]
Main article: Economy of Laos
About 80% of Laos population practices subsistence agriculture.
The Lao economy depends heavily on investment and trade with its neighbours, Thailand, Vietnam, and, especially in the north, China.Pakxe has also experienced growth based on cross-border trade with Thailand and Vietnam. In 2009, despite the fact that the government is still officially communist, the Obama administration in the US declared Laos was no longer a marxist-leninist state and lifted bans on Laotian companies receiving financing from the U.S. Export Import Bank.[77] In 2011, the Lao Securities Exchange began trading. In 2012, the government initiated the creation of the Laos Trade Portal, a website incorporating all information traders need to import and export goods into the country.
Subsistence agriculture still accounts for half of the GDP and provides 80% of employment. Only 4.01% of the country is arable land, and a mere 0.34% used as permanent crop land,[78] the lowest percentage in the Greater Mekong Subregion.[79] Rice dominates agriculture, with about 80% of the arable land area used for growing rice.[80] Approximately 77% of Lao farm households are self-sufficient in rice.[81]
Through the development, release and widespread adoption of improved rice varieties, and through economic reforms, production has increased by an annual rate of 5% between 1990 and 2005,[82] and Lao PDR achieved a net balance of rice imports and exports for the first time in 1999.[83] Lao PDR may have the greatest number of rice varieties in the Greater Mekong Subregion. Since 1995 the Lao government has been working with theInternational Rice Research Institute of the Philippines to collect seed samples of each of the thousands of rice varieties found in Laos.[84]
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