The Reference News recently published a Reuters article "Emerging market debt ratio rose to a record high". The summary of the article is as follows: The report of the International Finance Association found that although the global debt scale decreased by 6.4 trillion dollars to 290 trillion dollars in the third quarter, the ratio of emerging market debt to gross domestic product (GDP) rose to a record high. In the latest Global Debt Monitoring report, the International Financial Association said that the increase in budget deficits and the slowdown in economic growth had increased the debt to GDP ratio of developing economies to 254%, which was comparable to the record high set in the first quarter of 2021. The soaring global energy and food prices continued to push up interest rates and financing costs, and the government also increased spending to support the economy. The report also said: "The interest expenditure of global sovereign institutions will increase rapidly, especially in sub Saharan Africa and emerging European markets." Policymakers and rating agencies warned that the debt pressure faced by fragile developing economies is far from over, and more debt defaults may occur. The International Financial Association said that the dependence of Latin America and Africa is still very high, "which makes many countries deeply affected by foreign exchange market fluctuations". Outside of sovereign institutions, smaller enterprises and low-income households have been hit hardest by rising borrowing costs. The International Finance Association said: "As low-income households and small enterprises are highly dependent on short-term financing, they are particularly affected by the rising borrowing costs." (Lixin News Agency)
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Source：xinhuanet
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