The United Nations has announced that global public debt hit $97 trillion in 2023. Developing nations account for approximately one-third of this total, limiting their capacity to finance essential services such as healthcare, education, and climate action within their borders.
According to the U.N. Trade and Development, formerly known as UNCTAD, the amount owed by governments increased by $5.6 trillion from 2022. In its report titled “A World of Debt,” the agency highlighted that high-interest payments are surpassing the growth in crucial public expenditure.
“Developing countries must not be forced to choose between servicing their debt or serving their people,” the report said. “The international financial architecture must change to ensure a prosperous future for both people and the planet.”
The report indicated that in the “developing world,” one in three countries dedicates a significant portion of their resources to servicing interest payments.
In 2023 alone, public debt in developing countries surged to $29 trillion, constituting approximately 30% of the global debt, a notable increase from 16% in 2010.
The United States of America held the top position globally with the largest debt, amounting to $33 trillion, closely followed by China and Japan, with debts of $15 trillion and $10.6 trillion respectively. Developing nations such as Egypt, Mexico, Brazil, and India also featured prominently on the list of countries with substantial debts.
