Developing countries and external debt: What is wrong?

Added Title

DLSU-AKI Policy Brief 2024-01-023

Authors

Jesus Felipe, De La Salle University, Manila
Jose Antonio Perez Montiel

Document Type

Policy Brief

Publication Date

1-2024

Place of Publication

DLSU-Angelo King Institute, Room 223, LS building, 2401 Taft Avenue, Manila 0922

Abstract

LAST DECEMBER, the World Bank published its annual report on international debt (https://www.worldbank.org/en/programs/debt-statistics/idr/products). The report indicates that, in 2022, the developing countries spent $443 billion on debt-service repayment (principal plus interest) of their external public and publicly guaranteed debt, 5% more than in 2021. These payments are expected to rise in 2023 and 2024 due to the increase in interest rates. The report indicates that debt levels and high interest rates have set many countries on a path to crisis.

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Recommended Citation

Felipe, J., & Perez Montiel, J. (2024). Developing countries and external debt: What is wrong?. Retrieved from https://animorepository.dlsu.edu.ph/res_aki/188

Disciplines

Behavioral Economics | Finance | Growth and Development

Keywords

Philippines; Developing Countries; External Debt

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