Cross Country Database News Today

In more than 80 percent of these countries, government debt is now higher than before the 2008-09 global financial crisis. Many of these economies need to urgently improve fiscal positions within credible medium-term fiscal plans and tilt borrowing towards longer maturities and domestic currency.

Global debt levels surged in 2020 as a result of the COVID-19 pandemic. A rise in debt has led to several countries initiating debt restructuring, while many others are in or at high risk of debt distress and may also need debt relief.