VIENTIANE — People's purchasing power in Laos is eroding rapidly amid rising inflation, a weakening currency and other worsening macroeconomic conditions, with experts warning that the Southeast Asian nation must take steps to reduce its debt to creditors, including China, to halt its downward economic growth. spiral.
“If I spent 10 to 20,000 kip (45 cents to 90 cents), I could buy a lot,” 15-year-old student Ton Tan told Nikkei Asia while working part-time at his uncle's vegetable stall. Phonsavang market in Vientiane. “But now I can buy less and less with the same amount.”