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Global Debt Clock

Source: Interactive Map/Graph

Africa has the fastest-growing continental economy on the planet. And the thing that has been growing fastest of all is debt—personal, corporate and government.

Many developing countries have very large debts, and the amount of money they owe is quickly increasing. Trying to pay off the debt (debt service) has become a serious problem for these countries, and it causes great hardship for their people.

Take the region of Sub-Saharan Africa, for example. This region pays $10 billion every year in debt service. That is about 4 times as much money as the countries in the region spend on health care and education. Clearly links to Budgeting, economics, banking, borrowing and money which all feature on the Business Studies curriculum.