US News Quotes Eric LeCompte on Economic Challenges Faced by Developing Countries

U.S. News & World Report quotes Eric LeCompte on the economic challenges faced by developing countries due to the pandemic and high debt. Read an excerpt below, or the full article here

Resilient U.S. Boosts IMF Forecast for Global Economic Growth

By Tim Smart

Eric LeCompte, executive director of the religious development organization Jubilee USA Network, also noted that many countries still face the twin concerns of dealing with the aftermath of the pandemic and crushing debt burdens.

“Most countries are facing economic challenges while their debt payments are too high,” he said "When countries need resources and interest rates on loans are high, we have a recipe for more crises."

LeCompte also stated that developing countries spend 13% of their budgets repaying debt, more than double the figure 15 years ago.

“While developing countries are still dealing with challenges from the pandemic, slow growth and high debts are bad news,” LeCompte added. “Developing countries need debt relief and more resources to confront continuing economic shocks."



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