Bankruptcy crisis 2024: Over 100 countries at risk, is India on the World Bank list?
Over 100 countries are on the verge of bankruptcy. What's causing this global economic crisis? Bangladesh and Pakistan are already struggling. Which other countries are facing bankruptcy? What's the situation in India?
FollowFood crisis looms as nations face bankruptcy. Is India listed in the World Bank report? The alarming list has been released. Skyrocketing bread prices and unaffordable petrol strain citizens worldwide.
The situation is dire. The UN warns that 50 nations could face empty treasuries any day. The World Bank lists 104 countries, including developing and developed nations, at risk of bankruptcy.
Bankruptcy looms when a nation's foreign reserves and treasury are depleted. Sri Lanka declared bankruptcy in 2022, followed closely by Nepal.
Peru, Tunisia, Sudan, Lebanon, Ghana, Kenya, Argentina, Egypt, and Turkey are also on the list. The World Bank highlights the precarious situation of Pakistan and Bangladesh.
India is not on the World Bank or UN's bankruptcy list. However, rising debt in most Indian states could push the nation towards financial instability.
Except for Maharashtra and Gujarat, most Indian states have uncontrolled debt, raising concerns within the Ministry of Finance. Financial analysts warn that inflation exceeding 7% can lead to significant national crises.
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