Day 11
Laos
Laos’ economy is close to total collapse due to a spiraling debt crisis, inflationary pressures making staple goods scarce. Laos’ foreign and domestic debt is now more than $14.5 billion, about half of that owed to China who funded massive infrastructure projects. Many fear this debt trap may allow China to take over national assets when debts can’t be repaid. Pray for a merciful solution. Pray that Laos will not be manipulated by other nations. Pray for wisdom that will lead to a new beginning in better governance and economic decisions going forward (The Bible, Proverbs 12:15).
Source: Laos economic crisis intensifies amid massive Chinese debt (DW)
Laos is one of the world’s few remaining communist states, enduring as a one-party socialist Marxist republic supported financially by China and Vietnam. Economic progress was made in the last few years, with poverty, education, and health outcomes improved, but COVID-19 has significantly set back the pace of this growth. At one point, persecution of Christian Believers was mandated by the federal government, however, their stance has changed over the last two decades.
