Sovereign defaults fell in 2024, says Bank of Canada study
However, debt service payments still high as interest rates remain elevated
The number of sovereigns in default and the total value of sovereign debt in default both fell in 2024, according to research from the Bank of Canada.
The analytical paper, published this month, says the number of sovereigns in default went from 92 in 2023 to 86 in 2024 – the third consecutive decline since the pandemic. The total value of sovereign debt in default fell by 10% from US$471 billion to $425 billion over the same period.
The authors – David Beers, Obiageri Ndukwe and Joe Berry – say
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