Public debt reaches record levels in 2023 — Report
Global public debt increased from $51 trillion in 2010 to $97 trillion in 2023, the 2024 world of debt report by UN Trade and Development (UNCTAD), has said.
Public debt grew twice as fast in developing countries between 2010 to 2022.
According to the report, almost a third of global public debt is owed by developing countries like Egypt, Mexico, Brazil, China and India.
It said “although public debt is growing in all regions, only in Africa it is growing faster than Gross Domestic Product (GDP).
More countries face high debt burdens, especially in Africa.”
The report mentioned Africa, Latin America and the Caribbean, and Asia and Oceania as developing countries with public debt exceeding 60 per cent of GDP.
Interest payments
The report revealed that interest payments of developing countries increased from about $350 billion in 2010 to $847 billion in 2022.
Net interest payments of developing countries relative to government revenues rose from 4.2 per cent in 2010 to 7.8 per cent in 2023.