Laos has tried to grow its economy by working closely with China and using its natural resources like rivers, forests, and minerals. This helped the country build roads, dams, and railways, and reduce poverty. But it also created problems. Laos borrowed a lot of money, especially from China, and now has high debt. When COVID-19 hit, the economy slowed, money from tourism and trade dropped, and the local currency lost value. Prices increased, and people faced difficulties. At the same time, too many dams and mining projects have harmed the environment, especially around the Mekong River. Now the government wants a “self-reliant economy” to reduce risks. It plans to lower debt, improve business conditions, and work with more countries like Vietnam and Russia. However, China still provides most investment, so it will be hard for Laos to fully reduce its dependence while keeping steady growth.

Pray for wise counsel for the Laotian authorities to pursue a self-reliant economy and reduce debt from China and other foreign countries. Pray for them to implement measures to protect the natural resources in Laos (The Holy Bible, Psalm 12:1).

Pray for the implementation of effective measures by the Laotian government to terminate the massive debt crisis. Pray for economic stability and growth in Laos (The Holy Bible, Psalm 118:25).

News Source: East Asia Forum

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