May 19, 2020
The head of the IMF has already warned that the state of the global economy is "worse than our already pessimistic projections." But while the pandemic is taking a huge economic toll on every country in the world, many emerging-market economies, which currently owe a collective $8.4 trillion in foreign debt, face a particularly grim tradeoff between paying their bondholders or funding their hospitals. Even before the coronavirus crisis, 64 countries spent more money annually servicing their external debt payments than they did on healthcare. Now, the global health emergency is taxing their underfunded healthcare systems, complicating attempts to contain the virus. Many countries have already pleaded for emergency debt relief. Here's a look at the countries that spend more on annual debt servicing than on healthcare.
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GZERO World with Ian Bremmer is returning to your screens this week, kicking off Season 9 in a summer of sweltering global tensions. The United States is celebrating its 250th birthday, a war has reshaped the Middle East, AI is forcing humanity to confront profound ethical choices, and democracies around the world are bracing for what comes next. Host Ian Bremmer is here to make sense of it all.
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As America approaches its 250th anniversary, Bank of America is investing in the legacy of leadership — committing $5M to the Theodore Roosevelt Presidential Library and conserving 110 presidential portraits at the Smithsonian National Portrait Gallery, so the history of leaders who defined our nation is preserved for generations to come. Learn more here.
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In his latest “ask ian,” Ian Bremmer says the US and China should use their growing engagement to address two major global challenges where cooperation could have an outsized impact: the war in Ukraine and the risks posed by artificial intelligence.
The trade bloc is also reducing its quota of tariff-free steel imports, as trade tensions mount with Beijing.
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