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Developing economies' debt more than doubled over decade: World Bank | Business

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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. | News24_Business

The pandemic has forced many countries to take on more borrowing, and World Bank President David Malpass earlier 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. The World Bank said in a release that the poorest countries eligible to borrow from its International Development Association now spend more than a tenth of their export revenues to service their long-term public and publicly guaranteed external debt.The external debt of IDA countries also nearly tripled in the decade leading up to 2021.

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_Business Africa needs to dump the World Bank and other institutions and grow on their own without the massive debt burden

_Business Because socialism contributes more than capitalism. . . . 🤣🤣🤣🤣🤣🤣 Work to pay the lazy . . . .

_Business It is because of corrupt and useless leaders that debt grow. If all taxes are spent wisely the need to borrow would be less.

_Business When are you going to learn⁉️⁉️⁉️When u give a African Country the President and his henchmen steal half and the rest goes to Electricity supply that gets bombed by crooked suppliers.. South africa is all over you, watch them carefully, NOW‼️‼️‼️

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