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Debt levels have surged in EMDEs
The COVID-19 pandemic has triggered a steep increase in debt, particularly in EMDEs. This comes on top of a rapid debt increase since 2010.
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Unprecedented fiscal stimulus means debt risks have risen.
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What goes down will eventually come up
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More debt defaults and debt distress are possible
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As debt becomes more complex and less transparent, resolution will become trickier
The share of non-concessional debt in EMDEs has risen as the importance of non-Paris Club lenders has increased, potentially complicating debt resolution if needed.
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