Faculty of Economics and Management, Champasak University, Lao PDR
*Corresponding Author Bounthom SISOUMANG
Abstract: The study of Economics development status of Champasak province, Lao PDR to review the economics development on the past and find the economics potential of Champasak province with the objective: To study the economic growth and trend of economic development in Champasak province, Lao PDR. This study was used time-based data or panel data that is collected annually from 10 districts in Champasak province, and the period of data collection was spent in this study from the year 2005 to 2022. The result of this study shows that in the period of 2016–2019, the economic growth rate of Champasak Province has started to decline, stalling at around 8 percent. Moreover, in 2020, the economic growth rate of the province had a tendency to decrease rapidly, dropping from 8 percent in 2019 to 3.63 percent in 2020. The economic development of Champasak province over the past two decades (from 2005-2022) has shown that the authorities at all levels and in all sectors have mechanisms to drive the economy in accordance with the conditions and could maintain economic stability on a firm and stable basis, which is expressed in the economic growth rate which had an average economic growth throughout the period of almost two decades of 8.71 percent per year.
Keywords: Economics development, Champasak province, Lao PDR