Overview

• The World Bank warns that record debt levels and rising interest rates are pushing many developing countries towards a crisis.
• In 2022, developing countries paid a record $443.5 billion to service their public debt, a 5% increase from the previous year.
• The cost of servicing debt for the world's 24 poorest nations could surge by as much as 39% in 2023 and 2024.
• There have been 18 sovereign defaults in 10 developing countries in the past three years, surpassing the total number of defaults in the previous two decades.
• The World Bank calls for quick and coordinated action by debtor governments, private and official creditors, and multilateral financial institutions to prevent a 'lost decade'.