Economics
Sustainable Growth in Lao PDR Will Lead to Poverty Reduction and Better Lives for All
My visit to Lao PDR this week has convinced me that this nation is moving toward the right path to sustained economic growth, which could lead to less poverty and better lives for all of its people.
Over the past two decades, Lao PDR has made significant development progress. It is one of the fastest growing economies in East Asia, with GDP growth averaging 8 percent a year since 2000. Lao PDR also successfully met the Millennium Development Goal of reducing extreme poverty, based on its national poverty line, to below 24 percent by 2015 from 33.5 percent in 2002.
As I have witnessed during my trip, people are enjoying better living conditions, with improved access to water supply, sanitation, roads, and power. Indeed, Lao PDR’s electrification program is one of the most successful in the world, and more than 90 percent of households now have access to electricity. Lao PDR also has built 50 percent more road surfaces in the last decade, and two-thirds of all Lao villages are now connected by all-season roads.
But past economic growth has been largely fueled by the capital-intensive natural resources sector, which has brought environmental degradation and few good jobs. At the same time, growth in manufacturing and agriculture has been stagnant in the past decade. Many workers lack literacy and other basic job skills, and the environment for doing business remains restrictive and difficult. This growth pattern of heavy reliance on natural resources has not led to a reduction in poverty commensurate with strong growth, and is not environmentally sustainable.
The good news is that Lao PDR has the potential for robust economic growth with benefits for all Lao people, and with less damage to the environment.
We warmly welcome the landmark changes that the government initiated in 2015-2016 to steer its development program and medium-term strategy toward greater sustainability and green growth. Lao PDR is one of six countries that have rolled out programs to customize the UN’s Sustainable Development Goals, paying greater attention to environmental sustainability. It also has announced ambitious plans to lower its greenhouse gas emissions, while increasing resilience to climate change.
In its Eighth National Socio-Economic Development Plan (NESDP) for 2016-2020, Lao PDR has set out a strategy for clean and green growth, and for accelerating the pace of poverty reduction and addressing rising inequality by improving service delivery and building a safety net, especially for the bottom 40 percent of the population. Through our Country Partnership Framework, we support Lao PDR’s effort to implement the 8th NESDP and realize its development goals, so more people can benefit from lasting and inclusive economic growth and development.
We strongly support the government’s effort to strengthen education and health and boost private investment. Better skills, education, health and training will make the biggest difference to the ability of Lao PDR to grow and compete.
Working with development partners, we are pleased to support the…
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
Business
News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.
Business Hook Daily News Podcast
Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.
Market Reactions and Economic Data
Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.
Mutual Fund Inflows and Upcoming IPOs
There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.
Cryptocurrency Surge
In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.
Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000
Business
Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
Henry Keswick, 86, a key figure in Jardine Matheson, passed away as the U.S. awaited election results, amid heightened tensions in U.S.-China relations during Trump’s presidency.
Henry Keswick’s Legacy
HONG KONG — The world turned its attention to the U.S. presidential election as news broke of Henry Keswick’s passing at the age of 86. A fourth-generation member of the British conglomerate Jardine Matheson, Keswick had a profound influence on the company, which has deep roots in Asia.
Navigating Challenges
Keswick’s leadership spanned significant challenges, including a strained relationship between the U.S. and China, particularly as Donald Trump prepared for his return to the White House. Under his stewardship, Jardine Matheson navigated a complex landscape in retail and real estate that dovetailed with geopolitical shifts.
A Lasting Impact
His contributions to Jardine Matheson and the broader business community have left an indelible mark. As companies reposition themselves amidst evolving international dynamics, Keswick’s legacy will undoubtedly continue to shape the future of the conglomerate he led.
Source : Henry Keswick, the Jardines scion who razed then restored China business
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