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COVID-19’s legacy of debt and debt service in developing countries

The economic outlook for developing countries is grim in the wake of COVID-19. Total output in developing countries, sans China, is projected to fall by 5.7 percent in 2020, with a recovery of 5 percent in 2021.[1] Compared to pre-COVID projections, this amounts to an 8.1 percent loss by the end of 2021, worse than advanced countries at -4.7 percent.