Vientiane, September 1, 2021 ¨C Economic fallout from the COVID-19 pandemic, and from the efforts to contain it, deepened in Lao PDR over the second quarter of 2021 as work fell off abruptly and households and businesses reported declines in income and revenue, according to .
The survey, conducted in April-May this year with 2,000 randomly selected households, shows that 51% of survey respondents reported being without work or having had to stop working in April¨CMay 2021, up from 17% in February¨CMarch 2021. In the services sector, more than half of workers in wholesale and retail trade and other services had to stop working or switch jobs during the lockdown, according to the survey.
By May 2021, 5.5% of businesses had permanently closed, while 33% were temporarily shuttered. Among businesses that remained in operation, 65% experienced a fall in revenue from pre-lockdown levels. Also in May, around 43% of households experienced a decline in household income relative to before lockdown, leading respondents to express growing concern about food insecurity for people in their communities.
This was the third round of the COVID-19 Rapid Monitoring Phone Surveys of Households in Lao PDR. The surveys are aimed at monitoring the social and economic impacts of the pandemic. The results help provide insights into the effects of the pandemic on household well-being, and feed into policy advice and analytical studies such as the latest edition of the Lao Economic Monitor. Similar surveys are being carried out in 64 countries across the world.
The was conducted in June to July 2020, when the country had just exited the initial nationwide lockdown, and the ran from February to March 2021, one year into the pandemic. More details are available on the World Bank¡¯s Lao PDR website. The monitoring is part of a wider health response to the pandemic. The Bank is coordinating a $33 million COVID-19 response project in Laos, supported by various development partners under the guidance of the Ministry of Health.
World Bank Group Response to COVID-19
Since the start of the COVID-19 pandemic, the World Bank Group has deployed over $157 billion to fight the health, economic, and social impacts of the pandemic, the fastest and largest crisis response in its history. The financing is helping more than 100 countries strengthen pandemic preparedness, protect the poor and jobs, and jump start a climate-friendly recovery. The Bank is also supporting over 50 low- and middle-income countries, with the purchase and deployment of COVID-19 vaccines, and is making available $20 billion in financing for this purpose until the end of 2022.
