In 2022, Laos seems to have bid farewell to the COVID-19 pandemic, with restrictions easing and consumers returning to their pre pandemic routines. However, the country and economy faces a new set of challenges due to the international fuel hikes and inflation.
Despite the COVID-19 pandemic coming to an end and normality returning, in May 2022, the inflation rates in Laos reached its highest in 18 years, with prices rising by 12.8%, compared to 2021.
The Lao People’s Democratic Republic (Lao PDR) is a landlocked and ethnically diverse nation in Southeast Asia close to the South China Sea and bordered by Vietnam, Cambodia, Thailand, Myanmar, and China. It is largely mountainous, but not in the developed part of the country.
In 2022, the ongoing global fuel shortages and price hikes are putting pressure on most household incomes in Laos. As a result, many consumers are having to economise and cut out any unnecessary expenditure.
In July 2022, the government reopened the land and air borders in line with other COVID-19.related restrictions easing.
The Laos-China railroad development in Laos, under the Belt and Road Initiative, could yield opportunities for the further uptake of cooking ingredients and meals once the project becomes operational. However, it is likely that the ongoing inflation and fuel hikes will continue to negatively impact by the industry and the income of most households in the country.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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