VIENTIANE — The purchasing power of people in Laos is fading rapidly amid soaring inflation, a weakening currency and other deteriorating macroeconomic conditions, with experts warning the Southeast Asian nation must take steps such as cutting its debt to creditors including China to stop its downward economic spiral.
“I used to be able to buy a lot of things if I spent 10,000 to 20,000 kip (45 cents to 90 cents),” 15-year-old student Ton Tan told Nikkei Asia while working part-time in her uncle’s vegetable stall in the Phonsavang Market in Vientiane. “But now, with that same amount, I can buy less and less.”
