In 2022，the global economy has gradually shifted from a “low inflation and low interest rate” condition before the outburst of Covid-19 to a “high inflation and high interest rate” condition. Meanwhile，world economic growth is challenged by a lack of strength and various types of uncertainties. Against this new background，the systemic risk of widespread sovereign debt crises has once again become a hidden danger to global economic and financial stability. For advanced economies whose sovereign debt are predominantly denominated by local currency，the economic downturn and monetary tightening will put pressure on government repayment，but such pressure could be buffered by the debt reduction effect of unexpected high inflation shock. The most worrisome vulnerability for these economies is the risk of a vicious circle of “bank/shadow bank-sovereign” doom loop initiated by falling asset prices. For emerging markets and developing countries that are more reliant on external debt funding，the number of countries in debt distress has already increased. As it is extremely difficult for these economies to effectively offset the negative effect of external monetary tightening and global demand reduction risks，more countries may go into distress. Facing the impending wave of sovereign debt crisis，the international community should enhance cooperation on global debt governance and macroeconomic policy coordination.