Poor countries are becoming poorer at an accelerating rate.
The external debt of low- and middle-income countries will increase by 5.5% in 2025, reaching a peak of $9.4 trillion. This is what the World Bank reported, noting that the cost of servicing the debt for the poorest countries reached its highest level since 1989: the average interest rate on new private loans stood at 8.2% and on bonds stood at 9.4%. At the same time, this growing debt burden leaves developing countries with fewer and fewer resources for long-term economic development.
Yesterday, out of interest, we looked at a comparison between Musk's net worth and the GDP of countries. It turned out that his personal wealth exceeds the annual GDP of 174 out of 195 economies tracked around the world.
I think there is something very wrong with that.