The amount of sovereign debt in default rose by 35% in 2022 as interest rates climbed, reaching US$558 billion, data show. Find out more.
historically high inflation
In 2022, the World Bank estimated that the poorest countries were already spending more than one-tenth of their export revenues to service their long-term external public debt. According to the latest data, for 2022, defaults to private external creditors jumped by 43 per cent from a year earlier. The Bank of Canada noted “big variations” across categories within this group. For example, defaults on foreign currency bonds, which made up the largest share of the defaults, reflected first-time defaults by Belarus, Ghana and Sri Lanka. Ukraine, meanwhile, defaulted on its foreign currency bonds for the first time since 2016.
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Sovereign debt defaults soar as governments feel pinch of higher rates, data showThe amount of sovereign debt in default rose by 35% in 2022 as interest rates climbed, reaching US$558 billion, data show. Find out more.
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