42. 2021 年，许多发达国家从 COVID-19 大流行的冲击中迅速实现经济复苏，但发展中国家没有夺回损失。通货膨胀上升导致全球融资条件收紧，更多国家面临债务困扰的风险，进一步限制了财政空间，阻碍了经济增长和可持续发展。今天，60%的最不发达国家和其他低收入国家正面临债务困扰的高风险。“巨大的金融鸿沟”是导致分化的关键因素。发达国家以超低利率借入创纪录的资金，在 COVID-19 大流行期间为经济和居民提供支持，并投资于复苏。穷国得到了国际社会的支持，但疫情应对受到了财政制约的限制。税收减少，显示整体经济活动的下降趋势，许多国家被迫调整支出的优先次序，削减教育和公共投资等对可持续发展目标至关重要的领域的支出。在危机情况下，获得长期融资、国际公共融资和开发银行贷款以及商业融资，能够帮助各国进行应对和实现恢复。但是，对许多国家来说，更大的预期和实际违约风险正在转化为金融市场上更高的借贷成本。38
42. While many developed countries saw a rapid economic recovery from the shock of the COVID-19 pandemic in 2021, developing countries did not regain lost ground. The tightening of global financing conditions in the face of rising inflation is putting more countries at risk of debt distress, further constraining their fiscal space and hampering economic growth and sustainable development. Today, 60 per cent of the least developed and other low-income countries are already at high risk of, or in, debt distress. The “great finance divide” has been a key driver of divergence. Developed countries borrowed record sums at ultra-low interest rates to support their economies and people through the COVID-19 pandemic, and to invest in recovery. Despite support from the international community, the pandemic response of poor countries has been limited by fiscal constraints. Tax revenues declined, reflectingdownward trends in overall economic activity, and many countries were forced to reprioritize expenditure and cut spending in areas critical to the Sustainable Development Goals, such as education and public investment. In crisis situations, access to long-term financing, international public finance and lending by development banks, as well as commercial financing, enables countries to respond and recover. However, for many countries, greater perceived and actual default risks are translating into higher borrowing costs in financial markets. 38