Laos is facing a severe economic crisis, with inflation reaching 31% in 2024, the highest in Asia. The inflation surge is largely due to a weakening kip currency and massive debt, primarily owed to China, for large infrastructure projects like hydropower dams and a high-speed rail line. The country’s debt stands at 108% of its GDP, with much of it due to China. This situation has led to soaring food prices and hardship for families. Analysts fear that Laos may eventually hand over valuable assets, like land and natural resources, to China in exchange for debt relief.
Almighty GOD, grant Your wisdom for the authorities to stabilize the currency and reduce inflation in Laos. Help the nation to find a peaceful solution to end the economic crisis and massive debt trap (The Holy Bible, Proverbs 2:6).
Jehovah Jireh, we ask for Your divine provision for the families suffering from rising food prices and economic hardship in Laos (The Holy Bible, Genesis 22:14).
News Source: Voice Of America
