Top 10 Countries Most in Debt to the IMF

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55 mins ago

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May 14, 2024 Graphics/Design:

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Top 10 Countries Most in Debt to the IMF

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Established in 1944, the International Monetary Fund (IMF) supports countries’ economic growth by providing financial aid and guidance on policies to enhance stability, productivity, and job opportunities.

Countries seek loans from the IMF to address economic crises, stabilize their currencies, implement structural reforms, and alleviate balance of payments difficulties.

In this graphic, we visualize the 10 countries most indebted to the fund.

Methodology

We compiled this ranking using the International Monetary Fund’s data on Total IMF Credit Outstanding. We selected the latest debt data for each country, accurate as of April 29, 2024.

Argentina Tops the Rank

Argentina’s debt to the IMF is equivalent to 5.3% of the country’s GDP. In total, the country owns more than $32 billion.

CountryIMF Credit Outstanding ($B)GDP ($B, 2024)IMF Debt as % of GDP 🇦🇷 Argentina32604.35.3 🇪🇬 Egypt11347.63.1 🇺🇦 Ukraine9188.94.7 🇵🇰 Pakistan7374.71.8 🇪🇨 Ecuador6121.64.9 🇨🇴 Colombia3386.10.8 🇦🇴 Angola392.13.2 🇰🇪 Kenya3104.02.8 🇬🇭 Ghana275.22.6 🇨🇮 Ivory Coast286.92.3

A G20 member and major grain exporter, the country’s history of debt trouble dates back to the late 1890s when it defaulted after contracting debts to modernize the capital, Buenos Aires. It has already been bailed out over 20 times in the last six decades by the IMF.

Five of the 10 most indebted countries are in Africa, while three are in South America.

The only European country on our list, Ukraine has relied on international support amidst the conflict with Russia. It is estimated that Russia’s full-scale invasion of the country caused the loss of a third of the country’s economy. The country owes $9 billion to the IMF.

In total, almost 100 countries owe money to the IMF, and the grand total of all of these debts is $111 billion. The above countries (top 10) account for about 69% of these debts.

The World’s Fastest Growing Emerging Markets (2024-2029 Forecast)

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May 2, 2024 Article/Editing: Graphics/Design:


The World’s Fastest Growing Emerging Markets (2024-2029)

Large emerging markets are forecast to play a greater role in powering global economic growth in the future, driven by demographic shifts and a growing consumer class.

At the same time, many smaller nations are projected to see their economies grow at double the global average over the next five years due to rich natural resource deposits among other factors. That said, elevated debt levels do present risks to future economic activity.

This graphic shows the emerging markets with the fastest projected growth through to 2029, based on data from the International Monetary Fund’s 2024 World Economic Outlook.

Get the Key Insights of the IMF’s World Economic Outlook

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Top 10 Emerging Markets

Here are the fastest-growing emerging economies, based on real GDP compound annual growth rate (CAGR) forecasts over the period of 2024-2029:

RankCountryProjected CAGR (2024-2029) 1🇬🇾 Guyana19.8% 2🇲🇿 Mozambique7.9% 3🇷🇼 Rwanda7.2% 4🇧🇩 Bangladesh6.8% 5🇪🇹 Ethiopia6.7% 6🇳🇪 Niger6.7% 7🇺🇬 Uganda6.6% 8🇮🇳 India6.5% 9🇻🇳 Vietnam6.4% 10🇸🇳 Senegal6.3%

As South America’s third-smallest nation by land area, Guyana is projected to be the world’s fastest growing economy from now to 2029.

This is thanks to a significant discovery of oil deposits in 2015 by ExxonMobil, which has propelled the country’s economy to grow by fourfold over the last five years alone. By 2028, the nation of just 800,000 people is projected to have the highest crude oil production per capita, outpacing Kuwait for the first time.

Bangladesh, where 85% of exports are driven by the textiles industry, is forecast to see the strongest growth in Asia. In fact, over the last 30 years, the country of 170 million people has not had a single year of negative growth.

In eighth place overall is India, projected to achieve a 6.5% CAGR in real GDP through to 2029. This growth

Visualized: Interest Rate Forecasts for Advanced Economies

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50 mins ago

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May 1, 2024 Article/Editing: Graphics/Design:

Interest Rate Projections for Advanced Economies

While U.S. inflation cooled in the second half of last year, price pressures returned in 2024, leading investors to rethink how soon central bankers will cut rates.

Despite the recent increase, the interest rate forecast for many economies looks optimistic, thanks to subdued energy price shocks and abating supply chain disruptions. Still, short-term risks remain, including persistently high services inflation clouding the outlook.

This graphic shows the interest rate forecast for advanced economies, based on the International Monetary Fund’s (IMF) 2024 World Economic Outlook.

Get the Key Insights of the IMF’s World Economic Outlook

Want a visual breakdown of the insights from the IMF’s 2024 World Economic Outlook report?

This visual is part of a special dispatch of the key takeaways exclusively for VC+ members.

Get the full dispatch of charts by signing up to VC+.

A Closer Look at the IMF Interest Rate Forecast

Below, we show the projected path of interest rates based on the IMF’s latest data:

Federal ReserveBank of EnglandECBBank of Japan Q1 20245.4%4.0%-0.1%5.3% Q2 20245.3%3.9%0.0%5.3% Q3 20245.0%3.7%0.0%5.0% Q4 20244.7%3.4%0.1%4.8% Q1 20254.5%3.2%0.1%4.5% Q2 20254.3%3.0%0.1%4.3% Q3 20254.1%2.7%0.1%4.0% Q4 20253.9%2.7%0.2%3.8% Q1 20263.7%2.6%0.3%3.5% Q2 20263.5%2.6%0.4%3.5% Q3 20263.3%2.6%0.4%3.5% Q4 20263.1%2.6%0.6%3.5% Q1 20272.9%2.6%0.6%3.5% Q2 20272.9%2.6%0.6%3.5% Q3 20272.9%2.6%0.6%3.5% Q4 20272.9%2.6%0.6%3.5% Q1 20282.9%2.6%0.6%3.5% Q2 20282.9%2.6%0.6%3.5% Q3 20282.9%2.6%0.6%3.5% Q4 20282.9%2.6%0.6%3.5%

As we can see, the U.S. is forecast to see its first rate cut in the second quarter of 2024.

Broadly speaking, rates will be cut very gradually, with two additional rate cuts anticipated for this year. By 2027, interest rates are projected to fall to 2.9% after a series of moderate rate cuts as inflation dissipates.

Like the U.S., the European Central Bank is forecast to cut rates in the second quarter of 2024, with rates set to fall to 2.6% by 2026. While inflation has cooled at a faster rate across Europe compared to the U.S., GDP growth is also projected to be more muted. This year, the IMF projects that