Climate disasters will send many countries into a debt spiral – but there’s a way out

By Courtney Lindsay, Senior Research Officer, Global Risks and Resilience, ODI Global
Emily Wilkinson, Principal Research Fellow, ODI Global
Vikrant Panwar, Senior Climate and Disaster Risk Finance Specialist, ODI Global

After years of disciplined reform and painful sacrifice, Jamaica had done what few global debt specialists thought possible. Through tough and sometimes controversial spending cuts and fiscal discipline, it slashed its debt from a staggering 150% of GDP in 2013 to just 62% by 2024.

By 2025, Jamaica was hitting its stride. One internationally recognised credit rating agency upgraded the country’s credit ratings from category BB- to BB (slightly less vulnerable in the near…

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