Total frontier market (FM) debt surged by over $160 billion in 2024, reaching nearly $3.8 trillion—the fastest accumulation since 2021. Government borrowing led the increase, with Pakistan, Kenya and Romania seeing the largest buildup.

Total debt in frontier markets increased by over $45 billion in H1 2024, reaching a new record high of $3.7 trillion. At 102% of GDP, total debt in frontier markets stands more than 7 percentage points above pre-COVID levels.

In 2023, frontier market (FM) accumulated some $20 billion of new debt, bringing the total to $3.5 trillion. For the first time since 2020, the FM debt-to-GDP ratio increased, as growth and inflation subsided.

After reaching an all-time high of $3.5 trillion in Q1 2023, total debt in frontier markets (FM) saw a slight decline in Q2 2023.

Some $120 billion was added to the debt pile of frontier markets in 2022, bringing it to an all-time high of $3.6 trillion.

As borrowing slowed, frontier market debt dipped to $3.5 trillion in Q2 2022—still $480 billion above pre-pandemic levels. Helped by economic recovery in an inflationary environment, the FM debt-to-GDP ratio edged down to 103% in Q2 2022.