An increase in mutual dependence of individual economies and the intensification of globalization catalyzes the development and transformation of the world economy in XXI century. Close integration of developed countries with international economic processes has both positive and negative effects. The economic problems of an individual economy possessing substantial economic potential constitute a dire threat to social and economic development and economic growth. Perceptible fluctuations of the external debt levels of developed countries cause short-term slowdown of economic growth and impairs macroeconomic situation. In the meantime, developing countries face substantial financial burden under the same conditions. 

external debt, global economic transformations, world economy, world economy, financial security, economic effects, social and economic development, economic growth