With countries spending to limit the economic fallout starting this year, the economists around the globe have said that several countries across the globe might default on their debt in the coming 16-18 months, as the COVID-19 pandemic doesn't seem to slow down.

“A lot of emerging markets are reliant on international investors, international financial flows to get the funding to run a budget deficit, they find it harder to borrow in local currency — although there are a few exceptions,” said the economist.