October 19, 2022, By German Lopez. The New York Times – Good Morning
Oxford Circus in London this year.Alice Zoo for The New York Times
Global costs
Political and economic crises typically have multiple causes. But many right now are driven by one main factor: the rising cost of living.
In Britain, Prime Minister Liz Truss is facing calls to resign after just six weeks in office over a now-abandoned tax cut plan that experts warned would worsen inflation, if not wreak economic havoc. Europe is bracing for skyrocketing energy costs this winter. In the U.S., the Federal Reserve is considering more aggressive steps to bring down price increases, but its moves could also cause a recession, as The Times reported yesterday.
Laos is facing one of its worst economic crises in decades, with the country experiencing galloping inflation and staring at a debt default.
Inflation in Laos has hit a 22-year high, causing a scarcity of essential commodities like fuel
Laos’ economy has been on the brink of collapse due to a spiraling debt crisis that is crippling the country’s finances and bringing it perilously close to default.
In June, the Southeast Asian nation’s Statistics Bureau announced that inflation hit a 22-year high of 23.6%, causing staple goods to become scarce and eroding the population’s purchasing power.
Rising prices are hurting wallets across the world. The crisis is particularly bad in Sri Lanka and Turkey, and in Japan, people are facing inflation for the first time in decades.
Nikkei staff writersMay 20, 2022 07:38 JST
NEW YORK — Welcome to Nikkei Asia’s podcast: Asia Stream.
Every episode, Asia Stream tracks and analyzes the Indo-Pacific with a mix of expert interviews and original reporting by our correspondents from across the globe.
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