Rescuing Economic Growth in Highly Indebted Developing Countries
For developing countries, economic growth remains an essential ingredient of successful debt deals. But even in the best of circumstances, these countries’ growth is likely to be slower and more domestically oriented, requiring a combination of deeper debt reduction and longer time horizons.
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CAMBRIDGE – This year may prove devastating for the developing world, as more and more countries find themselves engulfed in debt crises. Several (Lebanon, Sri Lanka, Russia, Suriname, and Zambia) are already in default, and scores of others urgently need debt relief to ward off economic collapse and sharp rises in poverty.