Brick by brick, the world order, a decades-old coquettish mistress of economic stability and security, is falling like a game of dominos. The international community has become accustomed to the post–World War II climate, where everyone always comes out on top, no matter how bad a financial crisis is. But, the aftermath of the coronavirus pandemic and the geopolitical chaos in Eastern Europe and the Middle East might have permanently damaged global peace and prosperity.
S&P Issues Warning for the World Order
According to S&P Global Ratings, countries could potentially default more frequently on their foreign currency debt over the next decade. This is due to the substantial increase in borrowing costs fueled by central banks’ fight to curb inflation. Even before the Covid-19 public health crisis, sovereign credit ratings had weakened worldwide….
