Soaring inflation and devalued currencies have created a catastrophic debt crisis for much of the world, including in countries like Lebanon, Iraq, Egypt, Sri Lanka and Pakistan. Malaysian economist Jomo Kwame Sundaram says the instability is largely driven by interest rate hikes by the U.S. Federal Reserve, which increase borrowing costs for poorer countries and devalue their currencies compared to the U.S. dollar. He says that the intensifying U.S. economic war on China is also hurting many countries of the Global South that are linked to the Chinese industry.
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