The next global economic emergency? Deepening debt in the developing world

Poorer nations were more fragile before Covid-19, had less scope to stimulate economies, and are on the wrong side of the vaccine divide

A global pandemic. Rising inflation. The threat posed by climate change. Global policymakers have enough to keep them occupied without a developing country debt crisis adding to their list of problems.

That is a real possibility. Both the World Bank and the International Monetary Fund used their annual meetings to stress the pressure poorer countries were under and the need for urgent, collective action. They are right to be worried because debt is at record levels, defences against a crisis are inadequate and the clock is ticking.