top of page

Democracy Now! Global South Debt Crisis

Soaring inflation and devalued currencies have created a catastrophic debt crisis for much of the world, including in countries like Lebanon, Iraq, Egypt, Sri Lanka and Pakistan. Malaysian economist Jomo Kwame Sundaram says the instability is largely driven by interest rate hikes by the U.S. Federal Reserve, which have the effect of increasing borrowing costs for poorer countries and devaluing their currencies compared to the U.S. dollar. The intensifying U.S. economic war on China is also hurting many countries of the Global South that are linked to Chinese industry, he says.

Watch this interview at Democracy Now!

12 views0 comments

Recent Posts

See All

North Ignores ‘Perfect Storm’ in Global South

By Jomo Kwame Sundaram KATHMANDU, Nepal, Feb 14 2024 (IPS) - A gathering ‘perfect storm’ – due to various developments, several quite deliberate – now threatens much devastation in the global South, l

Onerous Debt Making Poorest Poorer

By Jomo Kwame Sundaram KUALA LUMPUR, Malaysia, Jan 31 2024 (IPS) - Contractionary economic trends since 2008 and ‘geopolitical’ conflicts subverting international cooperation have worsened world condi


bottom of page