1945

Even before the COVID-19 pandemic, the Asia-Pacific region was lagging in its progress towards achieving the Sustainable Development Goals while at the same time facing rising levels of government debt. The average government debt-to-GDP ratio in developing countries in Asia and the Pacific was at an 11-year high of 40.6 per cent in 2019. Driven by large stimulus packages and declining government revenues, the pandemic pushed the region’s average level of government debt up to 49.5 per cent of GDP in 2021, with two thirds of regional economies reaching the highest level of such debt since 2008. Several economies are still struggling with double or triple the size of their recent average external debt servicing, as high as 10 per cent of GDP in 2022.

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