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It’s been almost a year since reports of a new strain of coronavirus first emerged. Even back then the IMF was sounding the alarm about the high and rising levels of debt in developing economies.
Today, after lockdowns and severe economic contractions, debt is growing almost as fast as the coronavirus pandemic is spreading.
“It’s not the moment to be timid on debt crisis resolution,’ says the World Bank’s Chief Economist, Carmen Reinhart.
“Proposals need to be bold in terms of delivering debt reduction for the debtors. Because, if not, … risks of the lost decade are very big.”
What’s next? How can we manage the debt crisis which appears to be fast approaching?
Listen to Carmen Reinhart, Martin Wolf, Chief Economics Commentator at the Financial Times and Beata Javorcik, EBRD Chief Economist discussing the challenges ahead. The discussion was moderated by the EBRD’s Head of External Communications, Anthony Williams.
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