Lao GDP growth is predicted to be 8 percent in 2013, according to The East Asia and Pacific Update released by World Bank on Monday.

"East Asia Pacific continues to be the engine driving the global economy, contributing 40 percent of the world's GDP growth more than any other region. With overall global growth accelerating, now is the time for developing economies to make structural and policy reforms to sustain growth, reduce poverty and improve the lives of the poor and vulnerable," said Axel van Trotsenburg, World Bank East Asia and Pacific Regional vice president, in a World Bank Press release.

Growth in Laos was 8 percent in 2011 and 8.2 percent in 2012. According to the predictions published in the report, the percentage growth will fall to 7.7 percent in 2014 but recover strongly to 8.1 percent in 2015.

The East Asia and Pacific Update is a bi-annual review of regional economies conducted by World Bank.