t, adding:"And yet, because most of these unsustainable debts are concentrated in poor countries, they are not judged to pose a systemic risk to the global financial system. This is a mirage. 3.3 billion people is more than a systemic risk. It's a systemic failure."Nigeria, for example, is expected to nearly double its population by 2050
, matching the United States as the third-largest country in the world. On the plus side, that population will be younger and should provide the workforce needed to move the country forward, especially in fields like tech. However, the risk is that Nigeria cannot keep up with the education needed for a young population that large.
According to the UN report, countries facing"high levels of debt" more than doubled from 22 in 2011 to 59 in just 11 years. The UN cites the typical needs of a developing country, exasperated by the COVID pandemic, rising housing costs, and climate change. Another issue is that more and more debt in developing countries is held by private lenders who charge much higher interest rates. According to the UN,