The latest International Debt Report paints a sobering picture for emerging economies. We're witnessing the largest net capital outflow from developing nations in half a century—$741 billion fled between 2022 and 2024 alone. That's not just a number; it's a structural shift.

What's more alarming: in the most heavily indebted countries, over half the population can't even secure adequate nutrition. Meanwhile, borrowing costs have hit their highest levels in decades. Governments trying to refinance debt face borrowing rates not seen in 20+ years, which crushes any fiscal flexibility they had left.

For crypto and Web3, this matters. Capital-starved emerging markets become both risk zones and opportunity zones—watch where institutional capital flows when traditional finance gets squeezed.