African countries highest debt burden in terms of GDP...?
African countries highest debt burden in terms of GDP...?The growth rate of African countries has been the weakest in the world, due to which the debt burden on them has increased more. In 2023, the average ratio between government debt and GDP for African countries reached 61.9%, which iscontinuously increasing.The result is that most of the countries with the highest debt burden in developing countries are in Africa. Between the years 2013 and 2023, the debt of such countries in Africa is more than 60% of GDP.The problem of foreign debt is still serious for developing countriesThe financial structure around the world is such that the impact of crises coming one after the other has a worse effect on developing countries and creates difficulties in the path of development. This structure is full of inequalities. This increases the debt burden on developing countries.For example, when economic conditions around the world change or foreign investors avoid taking more risk, then the cost of taking loans can suddenly increase. Similarly, if the value of a country's currency falls, the payment of loans taken in foreign currency can increase significantly. The result is that less money is left to spend on development work.