Global public debt rose to a record $97 trillion last year, with developing countries owing about a third of that amount, hampering their ability to pay for essential government services such as health care, education and climate action, according to the United Nations.
The United Nations Trade and Development Organization (UNCTAD) said Tuesday the value of money owed by governments has risen by $5.6 trillion as of 2022.
In a report published on Tuesday, the organization stated that higher interest payments outpace growth in overall basic spending.
In the developing world, home to more than 3.3 billion people, one in three countries spend more on interest payments than programs in “important areas of human development” such as health care, education and climate.
In 2023, public debt in developing countries will reach $29 trillion, or about 30% of total global public debt — up from a 16% share in 2010, according to the United Nations.
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