The Guardian view on development’s paradox: the rich benefit more than the poor | Editorial
The global south needs a fairer deal than this one, in which it funds the lifestyle and wealth of the global north
The World Bank calculated last month that the rich world earned more than $1.4tn (£1.15tn) in loan repayments from the developing world in 2023, with the sums likely to top $2tn a year by 2030. Rich countries have in effect become the world’s bankers, squeezing debtors in the global south. Poorer nations are forced to borrow in rich-world currencies to pay for their energy and food, while their exports consist mainly of low-value goods compared with their imports.
Colonial patterns of extraction plainly did not disappear with the withdrawal of troops, flags and bureaucrats. Whether a debt crisis in the developing world occurs depends on decisions beyond its control. The risk increases if US interest rates rise and if poor nations’ exports – often priced by commodity speculators or wealthy-world buyers – fail to generate enough dollar reserves to stabilise their exchange rates.
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