The COVID-19 Global Debt Crisis: How to Avoid It

Peterson Ozili

A chapter in Smart Analytics, Artificial Intelligence and Sustainable Performance Management in a Global Digitalised Economy, 2023, vol. 110B, pp 159-170 from Emerald Group Publishing Limited

Abstract: Purpose:This chapter presents a discussion of the COVID-19 global debt crisis. Methodology:The chapter uses the discourse analysis method to identify the cause of the COVID-19 global debt crisis and suggests ways to overcome the crisis. Findings:The chapter argues that the high debt incurred by many countries during the COVID1-19 pandemic, combined with tightening global financial conditions, led to a significant increase in global debt. The author suggests ideas to avert a debt crisis. It was argued that rich countries could forgive the debt owed to them by heavily indebted countries or consider interest repayment holidays, debt-for-green swaps, or other debt-relief options. Heavily indebted countries can consider restructuring their debt, reevaluating their economic policy priorities, and raising taxes. Multilateral organisations can assist heavily indebted countries and engage in debt forgiveness advocacy. Implication:There is a need for rich countries and creditor organisations to offer some relief to heavily indebted countries to help them meet their debt repayment obligations during and after the pandemic. Originality:The chapter is one of the first to analyse the global COVID-19 debt situation.

Keywords: COVID-19; debt crisis; pandemic; debt restructuring; economic crisis; coronavirus; economic impact (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-37592023000110b010

DOI: 10.1108/S1569-37592023000110B010

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