Frontier market debt hits record $3.5trn as Russia conflict adds pressure

clock • 2 min read

Borrowing in frontier markets surged by $500bn above pre-pandemic levels in 2021 while concerns rise that the Russia/Ukraine conflict could cause further issues in some nations. Debt in frontier markets surged to a record high of $3.5trn (£2.6trn) in 2021 as governments continued to borrow heavily to support their economies. The record figure was some $500bn above pre-pandemic levels according to new data from the Institute of International Finance (IIF). However, the debt as a percentage of GDP declined in 2021, helped by inflation and economic recovery in the wake of Covid-19 loc...

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