The external debt of developing economies has more than doubled from a decade ago to $9 trillion in 2021, the World Bank said Tuesday, warning the debt crisis facing these countries has intensified.
The pandemic has forced many countries to take on more borrowing, and World Bank President David Malpass has warned that the world is facing a fifth wave of debt crisis.
And global growth is slowing sharply this year, with an increased risk of world recession in 2023 amid "one of the most internationally synchronous episodes of... policy tightening" in 50 years, the World Bank said. Speaking to reporters, he said the combination of high government debt levels and rising interest rates will cause greater absorption of global capital by advanced economies for a longer period.
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