Lao People's Democratic Republic, is a socialist state and the only landlocked country in Southeast Asia. At the heart of the Indochinese Peninsula. Present-day Laos traces its historic and cultural identity to Lan Xang, which existed from the 14th century to the 18th century as one of the largest kingdoms in Southeast Asia. Because of its central geographical location in Southeast Asia, the kingdom became a hub for overland trade and became wealthy economically and culturally.
Economy: It is a lower-middle income developing economy. Being one of the socialist states, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with an openness to foreign direct investment and private ownership in a predominantly market-based framework. Following independence, Laos established a Soviet-type planned economy. As part of economic restructuring that aimed to integrate
laos
