Follow CGSP on Social Media

Listen to the CGSP Podcast

This Year Could See a Dozen Debt Defaults Warns Top World Bank Economist

As many as twelve countries could default on their loans this year, a senior World Bank economist warned in a blog post on Monday. Marcello Estevão, the WB’s Global Director for Macroeconomics, Trade and Investment, said the crisis in Ukraine is a final shock that could nudge many developing countries into crisis. This follows slowly-building debt crises (see graph) accelerated by the global pandemic.

He acknowledged that the G20’s Debt Service Suspension Initiative (DSSI) has largely failed as a tool to tide vulnerable economies over. However, he insisted that its successor, the Common Framework for Debt Treatments “is the only game in town,” despite the fact that only three countries have signed up to date.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Global South Project?


The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.


A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.


Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.


A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.