Developing countries’ stockpile of debt hit a fresh record high last year, the Institute of International Finance said on Wednesday, adding to concerns of a wave of sovereign defaults this year.
The combined government, household, corporate and financial sector debts of 30 large low and middle-income countries rose to $98tn at the end of December, as their currencies slumped against the dollar.
The debt burden for the 30 countries was up from $96tn a year earlier and from $75tn in 2019, before the pandemic began, the IIF, a trade body for the global banking industry, said in the latest edition of its quarterly Global Debt Monitor.
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