Debt servicing costs in a clutch of the world’s poorest countries are set to soar to “crisis” levels as high interest rates damage already fragile economies, according to the World Bank.
Twenty-four of the world’s lowest income economies are set to spend a total of $21.5bn on financing their external public debt across this year and next, as bond repayments become due and the impact of higher interest rates feeds through, according to calculations from the bank in its latest debt report. That represents a rise of almost 40 per cent over the previous two years.
“Record debt levels and high interest rates have set many countries on a path to crisis,” said Indermit Gill, the World Bank Group’s chief economist.
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