Debt-saddled Laos struggles to tame rampant inflationThis photo taken on October 12, 2024 shows passengers boarding a high-speed train in the railway station in Laos' capital Vientiane. Suffocating under a mountain of debt to China, communist Laos is struggling to tame rampant inflation, with food prices rising so sharply that a growing number of households are resorting to foraging. VIENTIANE, Laos — Suffocating under a mountain of debt to China, communist Laos is struggling to tame rampant inflation, with food prices rising so sharply that a growing number of households are resorting to foraging. But Vivat Kittiphongkosol of the Joint Development Bank Laos said the government had been "too slow" to react as problems unfolded. Alex Kremer, the World Bank Country Manager for Laos, warned these austerity measures would have damaging long-term consequences.

Source: Philippine Star November 17, 2024 19:34 UTC