{"id":573355,"date":"2020-07-29T04:09:03","date_gmt":"2020-07-29T04:09:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/"},"modified":"2020-07-29T04:09:03","modified_gmt":"2020-07-29T04:09:03","slug":"developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/","title":{"rendered":"Developing economies are threatened with distress as they struggle to pay down their growing debt piles"},"content":{"rendered":"

<\/a> Growing debt piles are becoming increasingly insurmountable for some <\/strong>developing <\/strong>economies<\/strong> as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal<\/a> says. The pandemic has made matters worse, but these countries were already ill-prepared to both service their debts and invest enough into their economies and infrastructure \u2014 which is what a chunk of the borrowing was meant to finance.<\/p>\n

Debt levels have been soaring over the past decade in sub-Saharan Africa\u2019s poorest countries<\/strong>. By 3Q2019, their debt-to-GDP ratio had swelled to 60% from 38% one decade earlier, the WSJ says, citing figures from the Institute of International Finance. The WSJ looks closely at Zambia, which is seriously strained as it rapidly approaches its 2022 due date to repay FX-denominated bonds it took to market in 2012 when its economy was on the up \u2014 largely thanks to its copper resources and China\u2019s massive demand for the commodity. The Southern African country was meant to invest in vital infrastructure, including healthcare, but its borrowing quickly proved unsustainable when China\u2019s economic slowdown drove down copper prices and the Zambian currency tumbled, more than tripling the country\u2019s debt in local currency terms.<\/p>\n

It\u2019s not just Africa \u2014 Latin America also has a ticking debt bomb in its lap:<\/strong> Debt levels are skyrocketing in Latin American countries struggling to contain the fallout from the pandemic, including Argentina, Ecuador, Chile, Brazil, and Mexico, the Financial Times<\/a> said. Similar to other emerging market blocs, the LatAm region was already grappling with debt defaults, slow growth, weak healthcare systems, low tax revenues, high levels of borrowing, and an over-reliance on commodity exports before the pandemic broke out.<\/p>\n

While the WSJ doesn\u2019t explicitly mention us, Egypt <\/strong>has recently been named<\/a><\/strong> among the emerging market economies that are \u201cmost vulnerable\u201d to defaulting<\/strong> on sovereign external debt in the next year, along with Zambia, Ghana, South Africa, India, Nigeria, and Brazil. According to Oxford Economics and IMF figures, Egypt has one of the highest ratios of maturing debt and fiscal deficit to GDP among 20 EM peers, standing at around 40%. And while Egypt is much better positioned for a recovery than other EMs, part of the risk we face is being seen as one and the same as our peers as investors look at the entire asset class as homogenous.<\/p>\n","protected":false},"excerpt":{"rendered":"

Growing debt piles are becoming increasingly insurmountable for some developing economies as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal says. The pandemic has made matters worse, but these countries were already ill-prepared to both service their debts and invest […]<\/p>\n","protected":false},"author":1,"featured_media":573356,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[82,116,7106,3346,115,72,3162,4227,1510,1136],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-bonds","tag-china","tag-debt","tag-developing-economies","tag-emerging-markets","tag-enterpriseam","tag-latin-america","tag-sub-saharan-africa","tag-the-macro-picture","tag-zambia","wpautop","entry"],"acf":{"mongo_id":"8fc4d22f-868f-4ecd-a5ea-fdbcee8e7b30","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/244.jpg","photo_position":"above","related_issue":[573334],"teaser":"","voice_url":""},"yoast_head":"\nDeveloping economies are threatened with distress as they struggle to pay down their growing debt piles - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developing economies are threatened with distress as they struggle to pay down their growing debt piles\" \/>\n<meta property=\"og:description\" content=\"Growing debt piles are becoming increasingly insurmountable for some developing economies as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal says. 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Despite seeing its economy do better than expected in 2020 \u2014 contracting\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/462.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580370,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/21\/soaring-global-debt-is-about-to-get-expensive\/","url_meta":{"origin":573355,"position":2},"title":"Soaring global debt is about to get expensive","author":"enterpriseam admin","date":"21 December 2022","format":false,"excerpt":"After years of cheap borrowing, the global debt pile is growing increasingly unsustainable \u2014 especially for developing countries: A decade of cheap borrowing has led to a whopping global debt pile of USD 290 tn for households, businesses and governments, up by more than one-third from a decade ago, according\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/766.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/","url_meta":{"origin":573355,"position":3},"title":"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550583,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/unctad-trims-global-economic-growth-to-2-6-in-2022\/","url_meta":{"origin":573355,"position":4},"title":"UNCTAD trims global economic growth to 2.6% in 2022","author":"enterpriseam admin","date":"7 April 2022","format":false,"excerpt":"UNCTAD trims global economic growth to 2.6% in 2022: The United Nations Conference on Trade and Development (UNCTAD) has revised downward its global economic growth forecast for 2022 to 2.6%, down from 3.6%, due to the war in Ukraine and the changes countries are making to their macroeconomic policies as\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/07\/interest-burden-on-em-governments-grows-dramatically-amid-borrowing-spree\/","url_meta":{"origin":573355,"position":5},"title":"Interest burden on EM governments grows dramatically amid borrowing spree","author":"enterpriseam admin","date":"7 May 2019","format":false,"excerpt":"EM governments face dramatically higher interest burden amid borrowing spree: Interest owed by emerging-market governments has risen dramatically over the past decade as borrowing levels soar, the FT writes. Statistics published by the Institute of International Finance (IIF) shows that debt-to-GDP levels among developing economies has risen to 49.7% in\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/1569.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=573355"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573355\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573356"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573355"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573355"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}