Sovereign debt in default fell by 1% in 2023 – BoC study
Research finds shift in lending away from Paris Club creditors towards China
The amount of sovereign debt in default fell by 1% in 2023, according to research by the Bank of Canada. The total amount in default was $523 billion – a reduction of $7 billion on the figure for 2022.
Defaults to China grew by 28%, or $10 billion, and stood at $50 billion. However, defaults to the Paris Club of wealthy creditor nations remained broadly unchanged at $78 billion.
The paper by David Beers, Obiageri Ndukwe and Alex Charron, estimates that the number of governments in default fell
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