UPSC 2024 Expert Guide: Questions on ‘Global South and its Unsustainable Debt’ answered

Developing nations in the global south are facing an economic crisis due to disruptions in global supply chains caused by wars and the post-COVID deceleration. A recent UN report highlights the exorbitant global public debt, with one-third belonging to developing countries. Egypt and Ghana continue to struggle with forex reserves, inflation, and debt obligations. Lebanon faces domestic corruption and economic decline, while Sri Lanka and Pakistan have defaulted on international payments. The debt crisis is fueled by high costs of funds, private lenders, and global factors like conflicts and climate change. Poor fiscal responsibility, corruption, and lack of oversight contribute domestically. The implications include debt traps, climate crisis, legitimacy crises, and regional/global crises. Solutions involve transparency, institutional reform, fiscal responsibility, and climate justice.

from Latest Education news - Board Exam Results, Admit Cards, Exam Paper Analysis and Question Papers | Times of India https://ift.tt/dqum231