Debt-Ridden Laos Living On Borrowed Money
Source: aljazeera
Public debt is estimated at around 68 percent of GDP and almost half of the money is being borrowed from one source – China.
The current turmoil in the Asian markets, which has been going on 20 years after a much bigger disaster: the Asian financial crisis, began with the collapse of Thailand‘s currency – the Baht – and spread across East Asia.
One of the contributing factors was high public debt in the affected countries, including Laos.
Now, there are similar warnings about governments in the region borrowing too much money.
Al Jazeera’s Wayne Hay reports from the Laotian capital, Vientiane.
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