Laos

1997 was the year Laos entered the Association of Southeast Asian Nations (ASEAN) as a full member, and persisted with a more outward-looking ? albeit still relatively reserved ? stance towards the enveloping region, and the international community as a whole. Unfortunately, the country's opening up coincided with a marked dip in the economic fortunes of Southeast Asia, particularly Thailand, on which land-locked Laos remains heavily dependent for essential inputs. The first ripple effects emanating from regional turbu lence was felt by Laos in mid-1997, when the local currency shadowed the Thai baht in depreciating markedly. And further adverse consequences will un doubtedly be felt in 1998, most notably with regard to much-needed foreign investment inflow pledges, which are likely to decline. Looking forward, the small scale of the country's economy ? and its relative detachment from the region's financial markets ? may help buoy Laos in weathering this economic storm, although the country will certainly not be wholly immune. Much will also depend on the extent of Vientiane's volition and competence in pushing ahead with the sorts of economic reform that provide the best guarantee of sustaining domestic economic growth. Notwithstanding the considerable progress made under the decade-long New Economic Mechanism reform programme, the leadership remains somewhat ambivalent about the prospect of moving ahead with a wholly new and coherent tranche of economic reform measures, preferring instead to take a familiar gradualist approach

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