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Global public debt skyrockets to USD92tr, UN report reveal

A record global public debt of USD92tr in 2022 has placed a significant strain on developing nations, reveals a United Nations report. Over the past 20 years, the rate of worldwide debt increase has far surpassed economic growth, with debt-to-GDP ratio exceeding 60% in 59 developing countries, indicating a high level of debt. Countries such as China, India, and Brazil account for 70% of this debt. Developing nations are especially hard hit, battling limited access to finance, high borrowing costs, and currency devaluations. The UN further criticized the international financial system, stating it made obtaining funds costly and difficult for these countries, with many forced to spend more on debt interest than on health or education, leading to an agonizing choice between debt service and public welfare.


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