Between 20, exports from Laos to the U.S. Laos’ bilateral trade with the United States was worth just $252 million last year America bought only $218 million of Laos’ total exports of around $7 billion. South Korea has been the obsession of apparatchiks in Vientiane this year a slew of new deals and cooperation pacts has been signed. In 2019, China, Thailand, and Vietnam purchased around four-fifths of Laos’ exports, according to United Nations data. One possible solution, which has been floated by some communist politicians for years, is diversification. A default on the state’s mounting debt isn’t improbable. Even in the years before the COVID-19 pandemic, growth was stumbling. The World Bank now reckons the economy will only grow by 2.5 percent this year, down from an earlier forecast of 3.8 percent. The national currency, the kip, is in freefall, while inflation reached 30 percent year-on-year last month. When Phankham Viphavanh, the prime minister of Laos, concluded a cabinet meeting last month, there were more questions than answers over what his government was doing to fix the economy.
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