Developing World Debt Crisis Looms As Defaults and Interest Payments Surge
• Record debt levels and high interest rates put many poor countries at risk of crisis • Developing countries paid $443.5 billion in debt principal and interest in 2022, the highest ever • Over half of low-income countries face debt distress, risking a "lost decade" • Defaults have surged - 18 in last 3 years vs total of previous 20 years • Debt relief efforts moving slowly; China key but reluctant on concessions