The economy of Laos is a lower-middle income developing economy. Being one of the socialist states (along with China,
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With the overthrow of the Laotian monarchy in 1975, the Pathet Lao's communist government instituted a planned economy of the Soviet-style command economy system, replacing the private sector with state enterprises and … See more

Agriculture, mostly subsistence rice farming, dominates the economy, employing an estimated 85% of the population and producing 51% of GDP. Domestic savings are low, forcing Laos to rely heavil… See more

As of 2011, tourism was the fastest-growing industry and played a vital role in the Lao economy. The government opened Laos to the world in the 1990s, and the country has since become a popular destination for travelers. … See more