The global costs of the pandemic last year resulted in the highest global debt levels in half a century, according to a report from the International Monetary Fund. Since the beginning of COVID-19 in 2020, governments around the world have taken on new debt to pay for higher health care costs, unemployment and food and to help businesses survive. 

The debt-to-GDP ratio compares a country’s debt to its economic output. Countries with a debt-to-GDP ratio over 77% for prolonged periods of time experience economic slowdowns, according to a study from The World Bank. In 2021, Japan had the highest debt-to-GDP ratio in the world at 257%. Sudan and Greece also top the list with debt-to-GDP ratios above 200%, followed by Eritrea (175%), Cape Verde (160%) and Italy (154%).

By the end of 2020, global debt reached $226 trillion, the biggest one-year increase since World War II. Borrowing by governments accounted for over half of that increase, bringing the global public debt ratio to a new high of 99% of GDP. This crisis is hitting low- and middle-income countries harder than wealthier countries. 

Brent crude, the international benchmark for crude oil prices, rose to $130 a barrel on Tuesday, after the U.S. and U.K. announced a ban on Russian oil imports and the EU said it would cut its dependency on Russian gas by two-thirds this year. West Texas Intermediate crude futures, the U.S. marker, rose to around $125 a barrel. 

Global oil prices have risen 58% since the beginning of the year, initially amid concerns about inflation. Russia is the world’s third-largest oil producer, supplying about 7% of global demand. Europe is Russia’s main market for oil and natural gas and bought roughly 25% of its oil from Russia in 2021. Gas prices in the EU have already risen by more than 70% since the last week of February. About 8% of U.S. oil imports came from Russia last year.

The International Energy Agency agreed to release 60 million barrels of oil from its members’ strategic reserves, which is equal to the amount of oil the U.S. consumes in three days. Large Western oil companies like BP, ExxonMobil, and Shell have halted operations in Russia. European refiners are also looking elsewhere for supply, in places like Saudi Arabia. To compensate, Russia is trying to sell crude oil to refineries in China and other Asian countries at a discount.

Two years into the pandemic, telehealth shows no signs of slowing down as it becomes a critical part of health care across the globe, according to a new report from CB Insights. 

Equity funding to telehealth startups in 2021 was at an all-time high at nearly $18 billion, a 57% increase from 2020. A significant part of the growth was from mega-rounds, or when companies raise rounds of $100 million or more. Weight-loss platform Noom and online pharmacy Ro raised over 500 million, while mental health startup Lyra Health raised $200 million.

Another major player in the digital health space is mental health care. Global funding for mental health tech startups, including teletherapy, reached a record $5.5 billion in 2021, up 139% from the year before. During the fourth quarter of 2021, U.S. deals made up 59% of all mental health tech startup funding, followed by deals in Europe (22%), and deals in Asia (16%).

The world’s premiere experts on climate change say the window of opportunity is closing to avert the worst effects of climate change, according to a new report from The Intergovernmental Panel on Climate Change (IPCC). Their findings indicate that the most successful pathways for climate-resilient societies are created when governments, civil society and the private sector work together to prioritize climate change risk. 

Trying to adapt to climate change through individual actions alone leads to the least resilient pathways (shown in red) and the smallest chance of success. The most climate-resilient pathways (shown in green) depend not just on international cooperation between governments, but also on developing partnerships with traditionally marginalized groups, including women, young adults, Indigenous and Native populations, local communities and ethnic minorities. These partnerships are most effective when supported by resources, including finance. This inclusive approach is more effective and sustainable because it leads to locally appropriate actions. 

But, warns the IPCC, beyond certain temperatures, adaptation is no longer possible for some species.

Only 20% of the world’s population is living in a free environment, down from 46% in 2005, according to Freedom House’s report, Freedom in the World 2022. It analyzed 210 countries and territories and the extent of their political rights and civil liberties.

Based on those measures, democracy has been declining for the last 16 years, while authoritarian regimes have expanded. Over the last year alone, the measure of freedom in 60 countries declined, while it improved in just 28. “The leaders of China, Russia, and other dictatorships have succeeded in shifting global incentives” the report’s authors note, “while encouraging more authoritarian approaches to governance.” Another report from Freedom House found a correlation between democracies and business success, stating that, “stable, transparent governments built on respect for human rights and the rule of law tend to foster environments that are conducive to the establishment and unfettered operation of private enterprises.”