It's absolutely not just emerging or developing economies. This article is extremely misleading in that regard and its very dangerous.

Do some research on your own. Many if not most wealthy countries are in serious trouble including the US and China.

Take a look at what Ray Dalio says about it. He says that this is part of a pattern of long term debt cycles, it looks like 1937 and implies there is risk of a global depression, dollar losing its status and even WW III.

My opinion is that at some point there will need to be a new paradigm introduced deliberately if we are going to avoid the terrible natural conclusion of the existing one.