28 Apr, 2025

East Asia Pacific Growth Slows in 2025, World Bank Says

East Asia and Pacific has led in economic growth, but to sustain momentum and create jobs, countries must address global uncertainties. Key challenges include shifting global integration, climate change, and demographic trends.According to the World Bank Group’s latest 2025 Regional Economic Update, it is expected to slow to 4.0 percent in 2025, affected by global conditions and domestic policies.China’s growth will decelerate to 4.0 percent due to trade restrictions, policy uncertainty, global slowdown, and property sector weakness. Growth projections vary across the region: Mongolia 6.3 percent and Vietnam 5.8 percent lead, followed by the Philippines 5.3 percent, Indonesia 4.7 percent, Cambodia 4.0 percent, Malaysia  3.9 percent, and Laos 3.5 percent, while Thailand lags at 1.6 percent. Meanwhile, the growth in the Pacific Island countries is projected at 2.5 percent.Despite these challenges, the World Bank projects that approximately 24 million people in the region will escape poverty between 2024 and 2025, based on the upper-middle-income poverty line.“While navigating global uncertainty, countries across the region have the opportunity to strengthen their economic prospects by embracing and investing in new technologies, opening up business opportunities through bolder reforms, and deepening international cooperation,” said Manuela V. Ferro, Vice President of the World Bank for East Asia and Pacific.WB economists point to three key strategies that could help countries in the region navigate both immediate uncertainties and long-term challenges:First, accelerating adoption of new technologies could boost productivity and create more jobs, following successful models in Malaysia and Thailand.Second, implementing reforms to enhance competition, particularly in services sectors, could unlock new economic opportunities as demonstrated by Vietnam’s approach. Third, deeper international cooperation could strengthen economic resilience in the face of global challenges.“Combining new technologies with bold reform and innovative cooperation could help countries in the region cope with current environment and longer-term challenges,” noted Aaditya Mattoo, World Bank East Asia and Pacific Chief Economist. “That is the recipe for higher productivity and better jobs.”

23 Apr, 2025

Luang Prabang Surges Past Tourism Goals with Over 1.1 Million Visitors, Fueling Economic Growth

Luang Prabang experienced a tourism boom in the first quarter of the year, generating USD 584,665,369 million in revenue, marking a 162 percent increase in tourist numbers compared to the same period last year.Between January and March, the province welcomed 1,167,581 visitors, including 459,091 domestic travelers and 708,490 international tourists. This represents a significant increase of 722,679 visitors year-over-year, according to Soudaphone Khomthavong, Director of the Luang Prabang Provincial Information, Culture and Tourism Department.In 2024, Luang Prabang saw a total of over 2.3 million tourists, far exceeding its original target of 900,000. This influx played a key role in driving the province’s GDP to LAK 3,989 billion (approximately USD 183 million), with an average income of USD 1,897 per person.The province continues to focus on development in key areas such as education, infrastructure, and tourism. As part of its ongoing efforts to strengthen the province, a meeting was held on 21 April at the Luang Prabang Military Command to address the shortage of teachers and improve educational outcomes. The session focused on identifying key challenges in human resource development and exploring practical solutions to support workforce growth across multiple sectors.In February, Luang Prabang was officially declared a “poverty-free” and “comprehensively strong” city, reflecting significant strides in regional development.