Pakistan is not the only country whose debt is so high that it poses a threat to its economy.
Because many countries (United States Pakistan and other countries)have to fight the pandemic of COVID-19 and the Ukraine-Russia war, so they had no choice but to take drastic measures to support their economy.
According to the IMF, global public debt has reached 100% of global gross domestic product (GDP), up from 83.3% in 2019 and 96.4% in 2020. This situation is quite worrying. But it is inevitable that these economic emergencies must be preserved in the country.
Zambia
118.7% of GDP
At the end of 2020, Zambia became the first African state to default.
Payments to creditors since the start of the COVID-19 pandemic, former president Edgar Lungu has been criticized for heavily and confidentially borrowing money. especially from China to fund his various infrastructure projects.
The continent’s second largest copper producer owes $12 billion.
Bhutan
123.4% of GDP
This small country lies between India and China. It had public debt at 120.7% of GDP in 2020, largely due to lower tourism revenue. Having one of the least developed countries in the world doesn’t help either.
The latest deal to export hydropower to India and implement new tourism policies targeting neighboring countries. Can help Bhutan reduce its debt in 2022
